APN News & Media has reported a net loss of $319.4 million for the first half of 2012, driven by continuing problems within the company's publishing division.
The company has applied a non-cash impairment charge of $485 million, linked with a review of its New Zealand publishing assets.
APN chief executive Brett Chenoweth said: “It has been a tough first half for our publishing businesses, particularly in New Zealand.
“While it is clearly a difficult result, our newspapers have remained very profitable and relevant despite difficult advertising markets and structural challenges.”
Meanwhile, New Zealand's Radio Network and APN Outdoor also saw declines in revenue.
However, the company's digital business performed particularly well, seeing 81% revenue growth in the first half of the year.
APN has embarked on a particularly aggressive digital acquisition strategy of late. During the first half, APN bought 82% of ecommerce business BrandsExclusive while increasing its holding in GrabOne from 75% to 100%.
The company expects the second half of the year will continue to bring flat results.
Sign up to the AdNews newsletter,
like us on Facebook
or follow us on Twitter for breaking
stories and campaigns throughout the
Have something to say? Send us your comments using the form below or contact the writer at firstname.lastname@example.org