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.