Trans-Tasman media group APN News & Media has posted a loss of $10.2 million for the year and announced plans to offload its regional newspapers in Australia.
APN's Australian Regional Media unit includes 12 daily newspapers, including The Gladstone Observer and Gympie Times, and more than 60 community publications.
"APN has been a long-term supporter of regional publishing in Australia. However, our future investments must remain focused on growth assets and opportunities," said chief executive Ciaran Davis, in a brief statement.
The company said that while it has cut costs by $40 million at its Queensland and northern NSW regional newspapers, conditions remained challenging and more money was needed to develop the digital side of the business. "We have, therefore, commenced a process to divest ARM,” said Davis.
The loss was driven by $80 million worth of impairment charges and other exceptional items. Revenues for 2015 were flat at $850 million.