The Irish-owned company, which publishes The Independent in the UK and the Irish Independent, said it was confident of hitting double-digit growth in 2007 based on its first quarter performance, but earnings per share for last year dropped by 22.8% to 15.67 cent last year.
The group said the "exceptional" revenue gained from the €62.7m 2005 sale of iTouch had put made its 2006 figures look less impressive in relative terms.
Tony O'Reilly, INM chief executive, said substantial gains in the South African market, which resulted in a 32.1% rise in profits to €55.2m, and in Ireland, where INM operating profits grew by 4.2% to €94.4m, would ensure it remained on course for double-digit growth in 2007.
The results cap a busy year for the INM, which included the 100% acquisition of Irish property website , expansion into the Indian outdoor market, and investment in digital media with Cashcade, Verivox and Truphone.
INM also completed the sale of Northern Irish newspaper and magazine distribution company WNS in October.
O'Reilly said: "Given a continuation of current trading conditions, the board remains committed to its state objective of double digit earnings growth [in 2007]."
In January, INM teamed up with private equity firm the Carlyle Group in order to renew its interest in buying out Australia's APN News & Media, in which INM currently holds a 40% share, for $2.2bn.
The group has now made an all-cash offer of $6.10 an share in order to acquire the entire share capital of APN. The proposal has now been recommended to shareholders, and APN stakeholders will be invited to vote on the issue at a later date.
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