APN News & Media, the Australian and New Zealand media business in which Independent News & Media has a 32% stake, has seen profits fall by more than a third.
The company, whose properties include
the New Zealand Herald newspaper, radio stations and an outdoor advertising operation, said its net profit after tax was A$94.2m (£55.2m) in the year to the end of December, down 34% on the previous year. Underlying revenue also fell last year, down 14% year on year to £1.03bn (£603m).
INM, the owner of the Independent and Independent on Sunday newspapers in the UK, at one point tried to sell its stake in APN to raise cash. But it gave up on the plan in January last year, arguing that the state of credit markets had prevented potential buyers from raising sufficient funds. The company put a range of other assets up for sale and promised to focus on "eliminating any loss-making businesses", effectively inviting bids for the Independent papers.
Since December, the company has been in exclusive talks over a potential sale with Russian oligarch Alexander Lebedev, the owner of the London Evening Standard.
The company, whose properties include
the New Zealand Herald newspaper, radio stations and an outdoor advertising operation, said its net profit after tax was A$94.2m (£55.2m) in the year to the end of December, down 34% on the previous year. Underlying revenue also fell last year, down 14% year on year to £1.03bn (£603m).
INM, the owner of the Independent and Independent on Sunday newspapers in the UK, at one point tried to sell its stake in APN to raise cash. But it gave up on the plan in January last year, arguing that the state of credit markets had prevented potential buyers from raising sufficient funds. The company put a range of other assets up for sale and promised to focus on "eliminating any loss-making businesses", effectively inviting bids for the Independent papers.
Since December, the company has been in exclusive talks over a potential sale with Russian oligarch Alexander Lebedev, the owner of the London Evening Standard.
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