Staff at the Irish Times have been briefed by management about new cost cutting measures at the paper.

Meetings attended by new editor Kevin O'Sullivan and Managing Director Liam Kavanagh took place earlier today.

Although there are no jobs cuts currently being considered in this latest austerity round, it is understood that senior positions that become vacant will not be filled for the foreseeable future.

Last year the paper reduced its cost base by €10 million and the paper recorded a profit of €2.1 million, although this was due to changes agreed with staff over future pension increases.

Turnover for 2010 fell 6% to €86 million.