APN New & Media, the publisher of the New Zealand Herald, Listener, New Zealand Woman's Weekly and nzherald.co.nz tripled its first-half loss after writing down the value of its New Zealand publishing assets unit by A$485 million as part of an ongoing review.
The net loss widened to A$319.4 million, or 49.9 cents per share, in the six months ended June 30 from a loss of A$98.3 million, or 16.1 cents per share, a year earlier, the Sydney-based company said in a statement. Revenue from continuing operations rose 1 per cent to A$405.5 million.
Earnings before interest, tax, depreciation and amortisation fell 12 per cent to A$74.9 million.
APN warned its second-half profit may be impacted by deteriorating publishing revenues on both sides of the Tasman, and the partial sale of its outdoor advertising unit.
The bulk of the impairment charge was on New Zealand mastheads, with kiwi metros written down by A$370.3 million, NZ regionals by A$83.7 million, and New Zealand magazines by A$31 million. That leaves the carrying value of intangible assets in New Zealand at $200.4 million.