Profits fall at NZ media group

Profits fall at NZ media group

WILSON & HORTON, the New Zealand media group owned by Independent Newspapers, owners of The Independent, yesterday announced a 7.6 per cent drop in operating profits to NZ$85m on flat sales of NZ$438m. Cameron O'Reilly, Wilson & Horton chairman, said the results were encouraging given the depressed New Zealand advertising market in the second half of last year, adding that there were signs that lower interest rates had restored confidence to the New Zealand economy.