AUSTRALIA-based media group APN News Media, in which Independent News Media and businessman Denis O’Brien are significant shareholders, lowered its profit forecasts yesterday for this year.

In a trading update, APN said it expects to achieve full year net profit after tax of between A$75m (€57m) and A$77m (€59m), “slightly below current market consensus”.

APN has forecast earnings before interest and tax for the year of between A$171m (€131m) and A$173m (€133m). This compares to current consensus at A$177.9m (€136m), a 3.3% downgrade.