The trans Tasman newspaper, radio and outdoor advertising group earned $72.5m net profit in the six moths, a 0.5 per cent increase, virtually identical to the corresponding period last year of $72.1m. Sales dropped by 1.8 per cent to $627.5m from $638.9m last year.

Brendan Hopkins, ANP's CEO told analysts that no further potential buyers were on the horizon since the collapse of the $3.8bn takeover from its major shareholder Independent News & Media, which owns 41.6 per cent of APN, two months ago.

Hopkins said APN had moved on since rejecting the offer, although those voting against it may be wondering if they made the right move, with the share price now 65c below the IN&M offer of $6.20. Furthermore analysts believe a new bid is unlikely to materialise now the world's financial markets are tightening in the wake of the US sub-prime mortgage mess.

APN bought the 50 per cent of Toowoomba Newspapers it didn't own in June, paying $91m for the privilege of full ownership, and Hopkins says the company will make further acquisitions if the right opportunity comes along.

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