PRE-TAX profits have grown by over 11 per cent to £18 million at Australian Provincial Newspapers, the Brisbane based media group controlled by Independent Newspapers and the family trust of Dr Tony O'Reilly.
The group has benefited from its recent investment in radio which "contributed significantly to the group's profits", according to a" statement from the chairman, Mr Liam Henly.
The group's radio interests contributed Aus $14 million (£6.6 million) to operating earnings before interest and tax of Aus $58 million.
The profitability and revenue of the group's core regional newspaper division continued to increase, said Mr Henly. This was achieved despite a continuing drought in northern New South Wales and Queensland where the company has significant interests.
Overall turnover grew by 20 per cent to Aus $237 million. The pretax profit figure includes exceptional charges of Aus $3.8 million.
Earnings per share were 13.2 cents, an increase of 15 per cent over the same period last year. The dividend for the year was eight cents a share, compared to seven cents the previous year.
Independent Newspapers owns 24.7 per cent of APN and the family trust of Dr O Reilly owns 22 per cent. Independent is expected to acquire the O Reilly family stake shortly following the relaxation of Australia's rules on foreign ownership of the media.
