REPORTING SEASON: APN News and Media (APN)
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Figure 1: APN News and Media 12 month chart
Media conglomerate APN News and Media (APN) has swung to a 1H profit of $12.8M for the six months to June 30 2013, up from a loss of $319.4M in the prior corresponding period.
The 1H12 result was impacted by a write-down on the value of APN’s New Zealand publishing business.
1H13 NPAT before exceptional items rose 6.6% to $16.2M.
APN says publishing conditions remain challenging and that stabilising revenue would be the company’s focus moving forward.
Total revenue from continuing operations rose in the period to $426.5M, slightly below market expectations.
APN says it is on track to reduce its net debt by $40-50M by the end of calendar 2013 and that cost savings across its publishing divisions are ahead of schedule.
In line with its debt strategy, shareholders will not receive an interim dividend.
New CEO Michael Miller, who started in the role in mid-June, has also not ruled out job cuts as a way of controlling the company’s bottom line.
APN shares rose solidly following the result and are up 42% on the calendar year.