Apple Daily's Taiwan edition will post its first quarterly profit next month, positioning Hong Kong-listed Next Media's most widely read publication as its growth driver for the coming year.
The paper posted a profit for one month last quarter but remained in the red over the three months to September, Apple Daily's Taiwan publisher James Tu Nien-chung said in an interview with the South China Morning Post. The Taiwan paper remains Next Media's only unprofitable unit.
While declining to give specific figures, Mr Tu said an increase in advertising sales and strong circulation figures have helped improve profitability for its Taiwan flagship, which launched in May 2003.
Apple Daily is also poised to take the No1 spot in Taiwan's crowded newspaper market, according to AC Nielsen readership figures that show it neck and neck with Liberty Times.
Both papers have a market share of about 28 per cent. Apple Daily leads in week-long readership surveys while Liberty Times has an edge in spot 'previous day' polls. Apple Daily surpassed both China Times and United Daily News' circulation last year.
Next Media's Taiwan operations posted a loss of $158 million for the financial year to March 31, dragged down by the newspaper. The company also publishes a highly profitable Taiwan version of Next Magazine.
Next Media posted a net profit of $104 million - about 60 per cent of which was derived from its Taiwan magazine - on turnover of $2.9 billion for the financial year to March.