Independent News and Media reports a drop in revenue, with a rise in digital advertising offsetting a fall in traditional advertising.
Revenue for the group to date is down 3.5% year-on-year.
Independent News and Media has reported that advertising conditions are challenging and erratic.
The group's performance for the year to date is down on where it was last year.
While its overall advertising revenue is off 5% from both its newspapers and online operations, its digital revenue was up 17.6%.
The company is reported as implementing cost savings across all operations offsetting inflationary cost pressure in South Africa and significant energy price increases.
All of the group's free cash flow year-to-date has been applied to debt reduction, with net debt currently standing at c.€420 million, the statement said.
“INM has a strong portfolio of market-leading and profitable titles. The Group also has a well invested and increasingly efficient asset base, with no significant near-term capital expenditure requirements." the company said in its statement.
It says that its priority is maximising available cash flow for continued debt paydown.
