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Troubled APN's loss deepens

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AAP

2013-02-21

Troubled newspaper publisher APN News and Media has fallen to a $455.8 million full year loss.

The result comes days after the company's chief executive and chairman stood down after a stoush with the company's major shareholders over ways to reduce APN's debts.

APN's net loss for the year to December 31 is down from a $45.1 million loss in the previous corresponding period.

The company posted an underlying net profit, excluding one-off financial items, in the year to December of $54 million, down from $78.2 million in the previous corresponding period.

The company in December warned that weak advertising markets would slice its underlying net profit for calendar 2012 by more than a third.

APN owns regional newspapers and radio stations across Australia and New Zealand.

"The structural changes to media, together with the weak advertising markets have impacted the results," newly-named chairman Peter Cosgrove said in a statement on Thursday.

"Work has been done to reposition the business and we are seeing encouraging improvements."