APN profit results

APN News & Media, parent company of the ARN Radio Network has announced a net profit of $48.2 million for the twelve months ended 31 December 2001. The Directors have declared a final dividend of 8.8 cents per share, taking the full year dividend from 14.7 cents per share to 14.8 cents per share.

Total revenue for the group was $598.7 million, down 3 per cent compared with last year, while net profit fell 5 per cent from $50.7 million to $48.2 million.

The radio and outdoor divisions continued to experience “weak advertising market conditions, especially in comparison with the 2000 Olympic year when advertising expenditure recorded significant growth.”

The Board of APN has also announced that. CEO John Sanders, who has been on sick leave, has resigned due to ill health and will be replaced by Brendan Hopkins.