An interim management statement from Independent News and Media shows that group revenues fell by 2.2% and circulation revenues are 2.7% lower so far this year. 

The statement covers the months from January to the middle of November. 

The company's shares fell in Dublin trade today.

Operating costs were reduced by 2.9% and the statement said that INM's profitability is marginally higher so far this year compared to flat in the first six months of the year. 

The company said that was due to continued cost savings, which offset revenue reductions and the "substantial" investment in its digital operations.

Online revenues are up over 33% so far this year compared to a rise of 30% of the first half of 2014. It said this is mainly due to continued strong growth in its digital publishing operations, as well as its Northern Ireland classifieds business.

The group's deals website - GrabOne - recorded growth of 8.6% compared with marginal growth in the first six months of the year

On advertising, Independent News and Media said total print advertising revenues are down by 3.4% year to date compared to a fall of 2.7% for the first six months of the year. 

But it noted that some categories are showing growth, including property, recruitment and inserts. It said that recent weeks have seen a "noticeable" improvement in advertising conditions compared with a more challenging revenue environment over the summer months.