Revenue declines at APN News & Media were beginning to stabilise after they came under pressure from the Queensland floods and a downturn in regional economies, chief executive Michael Miller told investors as he delivered the company’s half-yearly result.
“It won’t be a quick recovery but the fundamentals . . . and the papers are strong,” Mr Miller said.
APN posted a $12.7 million net profit after tax for the six months to June, after a loss of $319.4 million the previous year, when APN took a $485 million impairment charge on intangible assets.
APN’s regional portfolio in Queensland and NSW includes 12 daily newspapers, more than 56 non-daily newspapers and more than 30 websites.
Mr Miller was optimistic about the prospects of regional papers and suggested they might be turning a corner.