APN lowers forecast

APN News & Media has downgraded its profit forecast for calendar 2011, citing weakness in advertising markets in Australia and New Zealand as well as natural disasters.

APN News & Media has downgraded its profit forecast for calendar 2011, citing weakness in advertising markets in Australia and New Zealand as well as natural disasters.

APN, which owns The New Zealand Herald, now expects net profit for the year will be between $A75 million and $A77 million, which, it said, is slightly below current market consensus.

The near 5 per cent depreciation of the New Zealand dollar since August has also dragged down the result, it said. It expects earnings before interest and tax (EBIT) will be between $A171 million and $A173 million. In August, after reporting a 24 per cent drop in first-half EBIT to $A66.5 million, APN said it expected second-half EBIT would be flat at $A118 million, implying full-year EBIT would be $A184.5 million.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles