Independent News and Media has reported an operating profit of €15.9m for the first six months of the year, in line with its earnings in the same period of 2013.

However this was undermined by a net exceptional charge of €16.1m, which largely related to the company’s non-participation in an equity issue by Australia’s APN News & Media.

INM is a major shareholder in APN but, as a result its decision not to take part in the equity issue, its stake fell from around 29% to 18.6%.

The media company said its total revenue for the six month period was down 2% to €157.8m, but its ongoing cost-cutting programme had seen it make savings elsewhere.

Revenue from print advertising continued to fall during the period, according to the group, but said the 2.7% decline to €35.9m was the lowest since 2007.

Meanwhile, revenue from digital advertising has continued to grow, up 30% to €3.9m during the six month period.