APN warns

APN News & Media has warned it is likely to cut the intangible value of its New Zealand publishing assets. In response to a stock exchange query relating to its share price fall from 60? to 51? in the last five days, the company secretary, Yvette Lamont, said: "The directors note that there will be a non-cash impairment charge in respect of the New Zealand Publishing intangible assets included in the company's half year results, the quantum of which is yet to be finalised." The statement added that net profit for the half year was expected to be $3 million less than last year.