Newspaper publisher Independent News & Media Plc has posted an 11.6 per cent rise in 2006 earnings that was in line with expectations.
The group, which operates in Ireland, Britain, South Africa, Australia, New Zealand and India, said it expected similar growth levels this year.
It said underlying earnings per share were 17.43 cents versus 15.62 in 2005 and a shade above the 17.2 cent average of six forecasts on Reuters Estimates.
The group said it hopes to use proceeds from its bid for Australia's APN News & Media to expand into growing Asian markets but has dropped plans to move into Russia.
"We would want better comfort on the political and press freedom issues before we looked at investing in Russia again," Independent News chief operating officer Gavin O'Reilly said.
"It would appear that the oligarch in the Kremlin is in control of most of them," he said of the country's media companies.
Mr O'Reilly said "all the stars did not align perfectly" after the group last year dropped plans for an acquisition in Russia where President Vladimir Putin has faced criticism for tightening his grip over domestic media.
Independent News expects to end up with just over €350 millions in cash if its joint bid for APN with private equity partners succeeds.
Under the terms of the deal, which has been approved by APN, Independent will reduce its stake to 35 per cent from 42 per cent at present.
"We'll certainly look to improve shareholder value, be it through selective acquisitions, further dividend increases or even maybe a share buyback," chief financial officer Donal Buggy said in the joint telephone interview.
Mr O'Reilly stressed, however, that the company's preferred use for its capital was expanding its presence in high-growth markets. "I think you can take it we want to put our money to work in markets like India," he said pointing to the company's stake in Jagran Prakashan Ltd, publisher of India's largest selling daily newspaper.
"I suppose our immediate focus is more skewed towards the Indian subcontinent and parts of Asia," he said of the likely geographical focus of any expansion, adding that markets like Indonesia looked particularly attractive.
The company currently has no plans to join the rush to invest in China, Mr O'Reilly said, adding that the market there was of greater interest to manufacturing companies. "I've yet to meet anybody in a services business who is making a real success in China," he said.