APN’s revenue fell 6% to $477.1 million and earnings before interest, tax, depreciation and amortisation (EBITDA) fell 11.9% to $74.9 million.

The impairment charge at APN’s New Zealand publishing group contributed to a first-half loss of $319 million – 225% worse than the loss it posted in 2011.

However, the company said it would have posted a post-tax profit of $19 million before exceptional items.

APN said it planned to turn around New Zealand Media through “strong cost management”. It added that 100 jobs would be cut in 2012, after 400 were slashed in the past three years.

The efficiency drive will also target Australian Regional Media, which is expected to see a 10% reduction in headcount and a restructuring of its commercial printing.

Chief executive Brett Chenoweth said the company’s newspapers “remained very profitable and relevant despite difficult advertising markets and structural changes”.

Although the publishing division experienced a “tough first half”, APN said its digital strategy was on track as group revenue rose 81% to $11.4 million.

Chenoweth said: “We are evolving our business model to capitalise on the shifting audiences and are well placed to do this from within our existing businesses and also through new digital plays that leverage our core assets and market reach.”

APN also hailed the results of its outdoor group, which saw a 7% rise in turnover to $182 million.

The Australian and New Zealand businesses grew, increased market share and outperformed the market, according to APN.

APN’s net debt fell 26% to $477 million.

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