Australian media company APN, in which Independent News and Media has a 32 per cent stake, said the advertising market was recovering and posted a 5 per cent rise in revenues for the first half of the year.
The interim results for the six months ending June 30th 2010 showed revenue of A$508.3 million on a like for like basis, while earnings before interest and tax (EBIT) was up 19 per cent to A$87.1 million.
Net profit before exceptional items was A$40 million, a rise of 11 per cent compared to the same period a year earlier.
The company said the Australian market was showing signs of recovery from the global financial crisis, and although New Zealand was yet to achieve a similar pace, the second quarter of the year was an improvement on the first.
"The advertising recovery is well and truly underway. The second quarter saw strong growth, with total revenue up 8 per cent and EBIT up 22 per cent on a like-for-like basis," said APN chief executive Brendan Hopkins.
He said there were "encouraging trends" for August and September.
"Across all of our operations, we believe the second half will continue the trends seen in the second quarter and anticipate a strong end to the year. The fourth quarter is traditionally our best period and forward bookings are encouraging," he said.
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