APN posts 77pc leap in profit

APN News & Media has posted a 77 per cent jump in interim net profits to $22.6 million and is looking towards acquisitions after pushing back debt maturities and refinancing debt facilities.

The company reported a 3 per cent increase in revenues to $405.9 million for the six months ended June 30, boosted by revenues from its Australia Radio Network.

Radio was the most profitable division. It reported a 6 per cent increase in earnings before tax, interest, depreciation and amortisation to $29 million, on revenues of $81.2 million.

EBITDA in New Zealand Media fell 13 per cent to $22.7 million, with revenue down 13 per cent to $136 million. The Australian Regional Media business suffered a 17 per cent decline in EBITDA to $10.5 million, after an 8 per cent drop in revenue to $99 million.

APN Outdoor had EBITDA of $4.6 million, on revenue of $24.1 million. There was no dividend.

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