A fall in newspaper advertising revenue was more than made up for by growth in online advertising according to annual results published by Independent News and Media.
The country's largest media group brought in just over €71m in newspaper advertising last year, down from €73m in 2013.
But online revenue was up from €6.4m to €8.8m, pushing the combined figure 0.8% higher.
However total revenue across INM last year was 1.1% lower at €318.7m, largely due to a 2% fall in newspaper circulation revenue.
Profit, before taking one-off items including the disposal of assets during the year, was €34m compared to €24.6m in 2013.
INM also said it had reduced net debt by 6.3% to €89.3m during the year, with net interest charges for the year €14.7m lower at €6m.
The group owns a number of newspapers in Ireland including The Irish Independent, Sunday Independent, The Herald and The Belfast Telegraph.
Shares in the company closed 4% higher in Dublin trade this evening.
INM's group CEO Robert Pitt said that last year was a year of significant change and progress for Independent News & Media.
"Despite the many challenges facing our industry, the group businesses submitted a strong performance in 2014," Mr Pitt said.
He said that had been "a significant focus" on ensuring that the group's titles and digital offering are both aligned and calibrated to meet the continued challenges facing news publishing both now and throughout the cycle.
"As part of our strategy, there was continued progress achieved in removing costs from the business, which had the dual effect of reducing the impact of a year-on-year decline in revenue on profit, whilst also enabling significant investment in our expanding digital offering," he said.
"Our continuing focus on cost management remains core to ensuring the Group is fit for purpose and remains competitive in a constantly evolving media environment," Mr Pitt added.
