Independent News & Media has cut its profit forecast again, saying trading conditions remain erratic and are heavily influenced by economic uncertainty, particularly in the eurozone.
The Irish media company has a stake of 30.4% in APN News & Media, which publishes The New Zealand Herald and The Listener. It also owns a network of radio stations.
It says group advertising revenue is more than 6% lower than what it was last year. Circulation revenue is almost 2% behind.
It expects to make a full year operating profit of between 74 - 78 million euros - down from 78 - 83 million euros forecast in August, and an earlier forecast by analysts of 85 - 90 million euro.
