British regional newspaper publisher Johnston Press said full-year profit more than halved on lower advertising revenue.
It added that the challenging trading environment seen in the second half of 2012 had continued into the start of this year.
The company said it has continued to reduce its workforce, with the number of staff employed by the group falling to just over 4,350 at the end of December, down 23.1% from 2011.
Total advertising revenue for the first 10 weeks of 2013 were 15.6% below the same time the prior year, Johnston Press said.
Pre-tax profit fell to £12.6m on an underlying basis in the year ended December 29, from £28.4m a year earlier, while revenue fell 12% to £328.7m. The group said advertising revenue declined 12.7% to £201.9m.
Johnston Press owns several regional newspapers in Ireland, including the Limerick Leader, the Leinster Leader and the Kilkenny People.