UPDATE 1-Australia's APN year profit up 8%, says 08 on track

(Adds company comment, details on bid)

SYDNEY, Feb 19 (Reuters) - Australasian radio and newspaper group APN News and Media Ltd (APN.AX: Quote, Profile, Research) said on Tuesday full-year net profit increased 8 percent and trade in January and February was in line with expectations.

APN (APN.NZ: Quote, Profile, Research), which owns newspapers and radio stations in Australia and New Zealand and sells advertising space on buildings and vehicles, said current turmoil in world markets made it inappropriate to give specific earnings projections.

"The trading year to date is in line with expectations, and revenue and profit are ahead of the prior year in both Australia and New Zealand," APN said in a statement.

APN's net profit before items for the 12 months to Dec. 31 was A$169.4 million ($155.4 million), up from A$157.5 million a year ago.

Analysts had expected earnings of A$170.7 million, according to the mean of eight forecasts on Reuters Estimates. Forecasts ranged from A$168.3 million to A$174.9 million.

Key APN shareholders rejected a A$3 billion bid at A$6.20 a share from a consortium led by its biggest stakeholder, Ireland's Independent News and Media Plc INWS.I, and private equity firms in May. It was Independent's fourth tilt at the firm.

APN said a sluggish Sydney market coupled with strong competition tempered results at its radio businesses in 2007 but the company was optimistic about an improved outcome for 2008.