Independent News and Media has reported a loss of €152 million for the first six months of the year.
This compares with a restated loss figure of €17.5 million for the first half of 2011.
This represents a loss per share of 27.3c, compared to a loss per share of 3.2c for the same period last year.
Revenues fell 2.9% in Ireland, with Irish advertising revenue falling by almost 10% compared with the same period in 2011.
An operating profit of €25.4 million was €9.1m lower than the first half of 2011.
Most of the losses were due to a write down of the value of the groups New Zealand titles, and a €35m writedown of the value of group properties and plant in Ireland.
The company reports that new board delivers what it describes as an "appropriate balance of skills and experience".
Vincent Crowley INM CEO told Morning Ireland that the atmosphere despite the boardroom changes was "very businesslike."
He said that further redundancies couldn't be ruled out as part of the cost cutting programme and that the company would have to look at every cost.
