APN profits up | radioinfo

APN profits up

Sunday 17 August, 2003

ARN parent company APN has announced an increased half-year profit of $44.7 million after tax, up 24% on last year.

Earnings per share were 10.2 cents, up 21% on the equivalent previous year.

Chief Executive Brendan Hopkins put the result mainly down to “a strong performance from the company's newspapers in Australia and New Zealand.”

Discussing radio division results at the company’s annual meeting he reported: “The Radio Division produced a strong second quarter, with forward bookings improving into the second half, and accounting for 20% of group EBIT.”

Radio earnings were up 9% from $19.7m to $21.5m.

Hopkins said that, while national advertising was off, local advertising did well for the group’s radio division.

Hopkins also said APN would be "interested in bidding" for the new capital city FM radio licences to be auctioned soon, despite having
originally opposed their introduction.

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