$5.1m half-year profit for News & Media NZ

News & Media NZ has posted a $5.1 million net profit after tax for the half year to June.

The result compared with a net surplus of $1.7 million for the corresponding half year in 2005.

The company is now an investment holding company with a 13.1 per cent stake in APN News & Media, which last week announced a record half-year net profit of A$72.1 million ($86 million) after tax, up 9.2 per cent on the corresponding period.

News & Media NZ is a wholly owned subsidiary of Tony O'Reilly's Irish-based Independent News & Media.