Australasian media group APN cuts profit forecast

Fri, Nov 7, 2008, 00:00

Australasian media group APN, which is part-owned by Independent News & Media, today cut its annual profit forecast 8.6 per cent, saying slowing economic growth had curbed advertising sales.

Earnings before items will be at the lower end of analyst estimates of A$148 million (€78 million) in the 2008 calendar year, Sydney-based APN said in a statement today.

In August, the company said it was “comfortable'' with then analyst expectations for 2008 profit of A$162 million (€86 million).

INM has signalled its intention to sell part or all of its 39.1 per cent stake of APN News Media.

INM said it had had "a number of expressions of interest" in its APN stake and said any sale of the shares would reduce the net debt on its books to less than €600 million from €1.4 billion.