APN News & Media says it's strengthening its position in New Zealand, despite the tough market conditions.
The company, which owns The New Zealand Herald and the New Zealand Listener, made an after tax loss of $45 million in 2011, largely as it wrote down the value of its New Zealand mastheads.
When one-off costs are stripped out, the company made an underlying profit of $78 million for the year ending December, 24% less than in the same period the previous year.
Revenue rose 1% to just over $1 billion.
Chief executive Brett Chenoweth says the company has a strong foothold in the New Zealand market, despite the tough conditions and the writedown.
"The Herald is an extraordinarily strong newspaper there. We've strengthened our market position, we've built circulation, readership and the online penetration of The Herald", he said.
Mr Chenoweth says readership has been increasing even in a very tough environment with challenging economic conditions and weak consumer and business confidence.
He says APN is still experiencing very strong growth in digital media, which includes a 75% stake in the daily discount website, GrabOne.
Mr Chenoweth says the GrabOne site has about 70% market share, and it sold more than 2.1 million coupons worth $51 million last year.