Newspaper article The Chronicle (Toowoomba, Australia)

APN Enters Strong Trading Period for Year

Newspaper article The Chronicle (Toowoomba, Australia)

APN Enters Strong Trading Period for Year

Article excerpt

SYDNEY: Media company APN News & Media says forward bookings are encouraging despite natural disasters, including the Christchurch earthquake, and a weak economy weighing on first half earnings.

The disasters and weak economy forced the diversified publishing house to reduce the asset value of its New Zealand newspapers and report a net loss for the half.

APN chief executive Brett Chenoweth said the company had to navigate plenty of obstacles during a tough first six months of calendar 2011.

aWe have had floods, a cyclone, multiple earthquakes, troubled retail markets, weak economies and low levels of business and consumer confidence,a Mr Chenoweth told reporters.

aThese have framed our activities so far this year.a

The loss of $98.33 million for the first half, mainly because of the impairment charge against the New Zealand papers, was a turnaround from a profit of $38.98 million a year earlier.

With the $156 million non-cash impairment charge excluded, net profit was $21. …

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