16 Aug 2013

Challenges remain despite APN profit lift

1:44 pm on 16 August 2013

APN Media, which owns the New Zealand Herald, has managed to increase its half year profit as it cut costs in the face of lower advertising sales.

The Australian-owned media company made a profit of just over $AUS16 million in the 6 months ended June, up $1 million on the same period last year.

However, the company says the advertising market remained challenging, with New Zealand publishing revenues falling 8% and revenues down 14% in Australia.

On a brighter note, APN's grabone platform in New Zealand grew revenues by more than quarter to $8 million and it claims to have 80% of the group buying market.

APN has also managed to almost halve its debt to $50 million and says it's on track to save $35 million in costs by the end of the year.