The Irish Times has reported losses of €779,973 in 2012, down from €1.9m in 2011.

The company said its operating profit fell to €1.7m in 2012, down from €2.5m a year earlier.

Advertising revenue fell 6.1% and revenue from circulation fell 3.9%.

It had cash reserves of €11.2m at the end of last year, compared to €10.3m in 2011.

Irish Times Ltd managing director Liam Kavanagh said the digitisation of the industry was one of the reasons behind the fall in advertising and circulation.

He said the company managed to outperform the marketplace in advertising.