APN News & Media posted a half year loss of $256.9 million and held back dividends it transforms from a newspaper group to a radio and outdoor media company.
The statutory net loss after income tax compares to a profit of $7.5 million in 2015. Revenue was flat at $129.1 million, down 0.2% as it sells its newspaper assets.
The company is selling its print business, Australian Regional Media (ARM), to News Corp for $36.6 million.
ARM includes 12 regional daily newspapers in New South Wales and Queensland, 60 community newspapers and over 30 regional news websites.
APN is also demerging NZME, its New Zealand business, and is in exclusive talks with Fairfax Media about merging with its NZ media businesses.
“APN has delivered a solid result with higher earnings in a competitive media market,” says APN chairman Peter Cosgrove.
“Most importantly we have moved a long way towards transforming APN into a radio and outdoor media company, which are both growth sectors in the media industry in Australia.
“We have also positioned APN well for the future by paying down a significant proportion of the company’s debt, and now have the right capital structure to pursue growth.”
The results for the six months to June in detail: