"APN News & Media, the Australian and New Zealand media business in which Independent News & Media has a 32% stake, has seen profits fall by more than a third. The company, whose properties include the New Zealand Herald newspaper, radio stations and an outdoor advertising operation, said its net profit after tax was A$94.2m (£55.2m) in the year to the end of December, down 34% on the previous year." (Quoted from article)