Australian newspaper publisher APN News & Media Ltd has announced a 63 per cent rise in net profits to 36 million Australian dollars in July.
For the first time, the results for the company - the 55 per cent-owned Australasian subsidiary of Independent News & Media - included the contribution to the group of New Zealand publisher Wilson & Horton, which was acquired by APN in December 2001.
It is the tenth consecutive first-half period of net profit growth since the group was floated in 1992.
According to a statement issued by the group today, total reported revenue for the group increased 67 per cent from $285.2 million to $476.2 million, and Earnings Before Interest and Tax (EBIT) rose 62 per cent from $53.3 million to $86.6 million.
A good result from the publishing division in Australia and New Zealand offset softness in the Australian broadcasting and outdoor advertising markets, the statement said.
The company also said that if the upturn in the advertising market and the growth of operational improvements continue, profit forecasts for the full year remain achievable.
