Media and retail company APN has lifted its net profit before exceptional items by 10 per cent while tapping shareholders for $132 million for radio acquisitions.
The company made a net profit before exceptional items of $59.5 million for the year to December 31, up 10 per cent from the previous corresponding period.
Net profit, including exceptional items, of $2.6 million was a turnaround from its $507.4 million loss the previous year.
Chief executive officer Michael Miller said it was the best results in a number of years.
"This was a very satisfying result, which saw APN return to growth and has positioned the company for further improvement," he said in a statement on Wednesday.
APN also announced a proposed capital raising of $132 million in order to acquire the remaining 50 per cent of the Australian Radio Network (ARN) and The Radio Network (TRN) from its US joint venture partner Clear Channel for $246.5 million.
If successful, APN would own 100 per cent of the largest network of radio stations in Australia and New Zealand.
"ARN and TRN are businesses that we know extremely well, having run them for almost 20 years," Mr Miller said.
"We are confident that radio will continue to grow as a medium and that ARN and TRN will continue to capture a greater share of the market."
The company said the signing of Kyle Sandilands and Jackie O to the APN station KIIS 1065 demonstrated that key talent was central to the network's ambitions.
During the year, APN sold its billboard advertising business APN Outdoor, e-commerce business brandsExclusive and its eight per cent equity in Aussie Commerce Group.
The sale of APN's wholly-owned New Zealand magazine titles to Bauer Media Group had received regulatory approval and was expected to be completed in March, the company said.
Its Australian regional newspapers had an improved second half but earnings before interest tax and amortisation were still down 23 per cent to $29.
APN shares were in a trading halt at 106 AEDT.
