NEW ZEALAND newspapers group Wilson & Horton, in which Independent Newspapers has a 44 per cent stake, has reported pre-tax profits of NZ$52.5 million (£19.4 million) in the nine months to the end of December last. In the previous 12 months W&H showed profits of NZ$50.5 (£18.7 million).
Annual results issued yesterday report sales of over NZ$326.5 million (£120 million) in the nine month period against sales of NZ$400.4 million (£148 million) in the previous 12 month period.
After tax, the group returned profits of NZ$35.6 million (£13.1 million).
Commenting on the results, Independent Newspapers chairman, Mr Liam Healy, said the figures represented a "solid achievement". Business conditions in all sectors of the media were "very tight"
throughout the New Zealand economy last year, and had badly affected sales volumes.
Mr Healy said the New Zealand Herald had traded strongly, with total advertising volumes running 6 per cent ahead of last year's.
Independent manages assets worth £1.2 billion in Ireland, Australia, South Africa and New Zealand.
