Why the APN News and Media Limited share price plunged 14%

Shares in Australia’s number one radio group went into a nosedive following the release of its 2015 half-year results this morning. The announcement revealed that statutory profit in the period ending 30 June 2015 fell 67% to $7.5 million. The company said a loss of a contract in Hong Kong forced them to restructure the business, and onerous elements within the Buzplay contract forced them to take significant provisions.