APN News and Media Limited
(ASX:APN) expects full year profits to drop by nearly a third to between $51 and $54 million, owing to a struggling newspaper advertising market.
The media company says its publishing revenue has decreased by 10 per cent since June.
Despite $25 million in cost cuts, APN forecasts an expected 28 per cent fall in full year pre tax earnings.
APN says results will also be impacted by its $8 million in joint venture charges relating to its association with Quadrant Private Equity.
Amid the falls, APN’s radio division and outdoor advertising business are performing well and expected to post increases in revenue and EBITDA respectively.
APN News and Media posted a loss of $308.2 million for the 2012 financial year.
