AUSTRALIAN publisher APN has posted a profit after tax before exceptional items of A$54m (€42m) for the year ended 2012 in line with expectations.
The company said that net debt has been reduced by A$180m while cost initiatives delivered savings of A$12m last year with another A$25m expected this year.
APN, in which Independent News & Media holds a 28.95pc stake, added that revenue was down 13pc to A$929m after deconsolidation of APN Outdoor.
“The structural changes to media together with the weak advertising markets have impacted the results,” said APN chairman Peter Cosgrove.
However, he also highlighted that cost reduction programmes have been resulted in benefits.
“Our publishing divisions are pushing through extensive change agendas which have been well received by our audiences and are gaining traction with advertisers,” he added.