APN News Media, the Australian group 28 per cent owned by Dublin-based Independent News Media (INM), reported a full-year profit of A$54 million (€42 million), down from A$78.2 million a year earlier, blaming weak advertisement markets.

Shares in APN, which fell sharply after its chief executive, chairman and three independent directors quit this week over a fight with major shareholders, rose 3.7 per cent on yesterday.

The boardroom split resulted from APN’s two biggest shareholders – INM and fund manager Allan Gray – blocking plans by the company to raise capital from shareholders in a bid to address debt levels. INM and Allan Gray own 51 per cent of APN’s shares between them.