APN News & Media, publisher of the New Zealand Herald newspaper and nzherald.co.nz, boosted first half profit 77 per cent as year-earlier charges washed through, buoyed by Australian and radio operations.
Net profit rose to A$27.2 million, or 2.4 cents per share, in the six months ended June 30, from A$24.6 million, or 1.7 cents, a year earlier, the Sydney-based company said in a statement. Earnings before interest, tax, depreciation and amortisation from its continuing operations and before one-off charges increased 1 per cent to A$70.7 million, with revenue from continuing operations up 3 per cent to A$405.9 million.
"Although advertising markets remain challenging, APN's second quarter performed better than the first," chief executive Michael Miller said. "Much of the positive revenue momentum that we have seen towards the end of the half and in more months is due to investments that we have made across APN's business."
The media group bought out US partner Clear Channel in Australian Radio Network and TRN in New Zealand for A$246.5 million this year, rounding out an overhaul of its portfolio to ditch underperforming assets and shore up its balance sheet.
APN also announced plans to redeem $100 million of NZX-listed bonds in September after refinancing a new banking facility of A$630 million with a syndicate of lenders. The new facility means the company's next major maturity will come in January 2018, with lower interest costs than previous arrangements.