Big APN loss
The week has gone from bad to worse for APN News & Media as the trans-Tasman publisher reported a massive full-year loss amid further write-downs on its newspaper assets. Having already lost a chief executive, chairman and three board members earlier this week, APN on Thursday posted a net loss of $455.8 million for the year to December 31. The result included a $151 million impairment charge on its publishing assets, as well as a $485 million impairment announced in August.
Iluka axes 200
Iluka Resources is confident of a recovery in the mineral sands industry but it won't come quickly enough to save 200 jobs it has decided to axe. Iluka reported net profit fell 33 per cent to $363.2 million in 2012, from a record $541.8 million the previous year.
Tatts Group says its online operations are growing strongly, and it is looking at further opportunities in the area. Tatts booked a net profit for the six months to December 31 of $128.3 million, down 23.1 per cent. The result was hit by the discontinuation of Tatts' poker machine operations in August 2012 when its licence in Victoria expired. Online revenue from lotteries grew by 52 per cent, and wagering online sales grew 22 per cent.
Retail Food Group is optimistic about growth after reporting a flat first-half profit of $14.6 million. The franchisor of brands such as Donut King, Michel's Patisserie and Brumby's Bakery said revenue was $60 million, up 21.2 per cent.
Troubled stationery company PaperlinX has posted yet another loss but says it has taken steps to return to profitability in 2014. The paper merchant posted a loss of $57.3 million for the six months to December 31, a slight improvement on the previous corresponding period.