APN News & Media has returned to profit and continued to cut debt despite more gloomy results from its print businesses.

The trans-Tasman media group reported a $24.6 million net profit from continuing operations for the 12 months to 30 June 2013 compared to a $392.2 million loss in 2011-12.

The group reduced debt from $477.1 million to $459.3 million in 2012-13 and expects to slash another $23-33 million more debt in the first half of 2013-14. APN owed $904 million at the end of the 2008 calendar year.

Revenue from continuing operations rose 5.2% year-on-year to $461.5 million, although that was mainly due to growth in APN's non-print businesses.

Turnover for the Australian Regional Media division fell 13.9% to $107.8 million and New Zealand Media fell 3.1% to $136.7 million. Outdoor revenue climbed 7.2% to $19.5 million.

[Related: APN wins production awards]

APN said Australian Regional Media had found $9 million of savings in H2 and had started 2013-14 by closing the Ballina print site.

New chief executive Michael Miller said APN's publishing business was "well ahead of its plan on reducing costs" and that he was "very optimistic about our future".

"Our focus on the balance sheet requires some tough decisions and as such we have started to explore possible divestment options for [online retail business] BrandsExclusive," said Miller.

"Stabilising the revenues across the publishing divisions is my principal focus. I am a big believer that these businesses do have long-term and sustainable business models.

"There is no silver bullet but we are on the right track and are preparing to launch digital subscriptions for our flagship newspaper, the New Zealand Herald, next year."

[LinkedIn: Was Murdoch right to say newspapers are dying?]

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