AUSTRALASIAN media group APN has revealed a 2012 profit before exceptional items of A$54m (€41.9m) and cut its debt, with a decline in its publishing businesses offset by solid performances in radio and outdoor advertising.
In a statement, the company, which owns a host of newspapers and radio stations in Australia and New Zealand, said its profit was in line with expectations.
Independent News & Media owns 28.95pc of APN.
Revenue came in at A$929m, while earnings before interest, tax, depreciation and amortisation topped A$156m.
After exceptional items of A$510.2m consisting mainly of non-cash impairment charges, APN reported a final loss of A$456m.
The company said it reduced its debt by A$180m during 2012 through asset sales, the formation of the APN Outdoor advertising joint venture and a focus on cash management.
Last year, the APN spun out its outdoor advertising business into a joint venture with private equity group Quadrant.
Reducing APN's debt levels was an ongoing objective, the company said, and it would cut another A$40 to A$50m off its debts this year.
Looking ahead, the company said trading "has been positive in the early part of 2013".
"Revenue declines have moderated in publishing and the identified cost-reduction programme is being implemented," APN added.