The Irish Times has reported pre-tax losses of €2.8m for last year, with a drop in advertising revenues leading to a fall of 8.9% in turnover to €95m. But it says the company has been trading profitably this year.
Costs were 7.7% lower at €98m and the results include an €8.8m depreciation charge for its Citywest print facility, opened in June 2002.
Losses at the company's subsidiary Itronics, which includes the Ireland.com web site, were halved to €2.8m. The company says this business will be close to break-even this year.
During the year the newspaper publisher cut more than 250 jobs as part of a restructuring.
Managing director Maeve Donovan said the company would be in profit this year despite a more difficult economic environment with lower ad revenues.
* The Irish Times newspaper itself reports this morning that its former editor Conor Brady will receive €100,000 a year until 2014 as part of an agreement which included a non-compete clause.
