APN News and Media reports net loss
APN News and Media has revealed it posted a net profit after tax of $54 million in 2012, down 30% on the previous year.
The result included a $151 million writedown on the company's publishing assets in Australia and New Zealand, which was in addition to a $485 million impairment announced in August.
Earnings before interest, tax, depreciation and amortisation was down 25% to $156 million.
Taking these factors into account the company reported a net loss after tax of $456 million.
News of the result came just days after five directors, including Brett Chenoweth (CEO) and Peter Hunt (chairman), resigned from the board.
The company's full year results showed a group-wide 13% fall in revenue, down from $1.072 billion in 2011 to $928 million last year.
In a statement issued before the market opened in Australia APN said it had reduced its overall debt by $180 million during 2012, achieved through asset sales, a joint venture on APN Outdoor assets and a focus on cash management.
"APN will reduce debt by a further $40-50 million in 2013," the statement read.
"This will be delivered by organic earnings including the cost reduction program in publishing, as well as small asset and property sales."
APN, the publisher of this website, owns numerous regional newspapers across Queensland and northern New South Wales, outdoor billboards, radio stations and other media assets in New Zealand.
New chairman Peter Cosgrove said the structural changes in media combined with weak advertising markets had affected the company's results.
"Work has been done to reposition the business and we are seeing encouraging improvement," Mr Cosgrove said.
"We have also been disciplined in reducing costs while investing in growth where appropriate."
Mr Cosgrove said he expected the cost reduction program to result in a further $25 million in savings this year, after similar savings in 2011.
The company's Australian Regional Media assets were primarily affected by the slowdown in the mining sector in Queensland and a decline in federal and state government advertising.
After the negative effects of floods in 2011, the company said the full impact of the latest flooding associated with ex-Tropical Cyclone Oswald was still being assessed.