Net Profit of A$48.2m - a good performance in tough conditions APN News & Media Ltd (APN) (45% owned by Independent News & Media PLC), the largest operator in each of regional newspapers, radio broadcasting and outdoor advertising in Australasia and the leading metropolitan newspaper publisher and commercial printer in New Zealand, today announced a net profit of $48.2 million for the twelve months ended 31 December 2001. The result was marginally better than the forecast net profit included in the explanatory memorandum issued in November 2001 as part of the Wilson & Horton acquisition. While the assets and liabilities of Wilson & Horton have been consolidated in the closing balance sheet, no profits from their operations have been included in these results.

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.