APN News and Media Limited
(ASX:APN) has swung to a first half net profit of $12.8 million, a massive turnaround on the loss of $319.4 million this time last year.
Revenue rose five per cent to $426.5 million, from $405.4 million in the previous corresponding period.
The group said publishing conditions were challenging and that stabilising revenue would be the focus going forward.
APN says its on track to cut net debt by $40 million to $50 million by the end of the year.
APN will not pay an interim dividend.
