Australian media company APN, in which Independent News and Media has a 32 per cent stake, said its net profit after tax fell 34 per cent last year, but was in line with estimates.
Profit for the year ended December 31st was Aus$94.2 million (€62.3 million), in the upper range of previous predictions for Aus$90-95 million.
Underlying revenue was down 14 per cent to Aus$1 billion, from Aus$1.1 billion in 2008. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell 28 per cent to Aus$230.2 million.
The company reduced its costs by Aus$78 million.
APN chief executive Brendan Hopkins said the results were in line with the expectations for the year, and there were some indications in the final quarter that the business was returning to patterns witnessed before the global financial crisis.
"The media industry experienced challenging conditions throughout 2009 and APN's markets were not immune from the global financial crisis;however, through a combination of effective cost management and targeted sales campaigns, the company was able to mitigate its full effects," he said.
"The 2010 year has started more positively. While there is still some inconsistency on a week-to-week basis, the broad trend is towards a resumption of normal trading patterns, although forward bookings remain short term."
