West Australian Newspapers Holdings Ltd. reported full-year profit down 21 percent due to declining advertising revenue, Bloomberg reported Friday.

In the 12 months ending June 30, net income dropped to A$87.2 million (US$73 million), versus A$109.9 million one year ago. Revenue fell 11 percent to A$418.6 million, according to a company statement.

The company's shares slid up to 8.8 percent in Sydney Friday, according to Bloomberg.

Under billionaire Kerry Stokes, who started to control the company in December, West Australian News cut jobs to compensate the loss of advertising sales at its flagship, which had resulted in a reduction to full-year forecasts in May.

"The company has pursued a program to improve cost competitiveness, which is ongoing," according to Chris Wharton, managing director at Stokes's Seven Network Ltd. in Perth. "Although we continue to experience difficult trading conditions, we feel fortunate to be in Western Australia."

The company will pay a final dividend of 10 cents, compared to 32 cents last year, Bloomberg reported.