The New Zealand arm of APN News & Media, NZME., reported falls in both revenue and operating profit for the year ended December, figures released to the NZX yesterday showed.
NZME. operates publishing, radio and e-commerce divisions in New Zealand, including the country's largest newspaper, The New Zealand Herald.
The company has delayed the public share float for its newly-consolidated New Zealand business.
The financial accounts showed NZME. publishing revenue was $298.1 million in the period, down 10% from the previous corresponding period but only 4% on a like-for-like comparison.
The like-for-like comparison was adjusted for the disposal of Wellington and South Island titles in 2013 and magazines early last year, the company said.
Radio revenue was up 5% on both measures to $127 million and e-commerce revenue was down 4% on both measures to $20.7 million.
Total revenue was down 2% on a like-for-like comparison at $445.8 million.
The publishing operating profit fell 15% on a like-for-like comparison to $52.1 million; radio was up 7% on both measures to $25.1 million and e-commerce was up 22% on both measures to $4.4 million.
The company said the overall 2014 financial year result was slightly above the update released to the market in November.
Publishing and e-commerce slightly outperformed the forecast.
Radio delivered strong year-on-year growth but it marginally missed the target due to softer market conditions in November and December.
Total revenue from digital and new ventures grew by 14% in 2014.
Group and corporate costs of $900,000 had been allocated to individual businesses and not disclosed separately as they were in the market update, the company said.
In the divisional reports, APN said NZME. publishing advertising revenue was down 7% on 2013 and down 5% in the second-half of the year compared with the six months ended June.
The agency market continued to be challenging but an integrated sales approach was starting to deliver results.
Newspaper circulation revenue was in line with the previous year and the impact of cover price increases more than offset the ''moderating declines'' in circulation.
The APN group financial accounts showed revenue from continuing operations rising to $A843.2 million ($NZ879.4 million) from $A817.2 million in 2013.
Operating profit was up at $A164.1 million and the profit after tax and before exceptional items was $A75.2 million, compared to $A59.3 million.
However, after exceptional items were removed from the balance sheet, the report profit attributable to shareholders was $A11.5 million, compared to $A2.6 million.
No final dividend would be paid.
The new financial year had started well, the company said.
