Independent News and Media has reported a 13.5% rise in pre-tax profits for the first half of the year.
The media company earned €15.1m in the six month period – despite a slight fall in revenues to €157.3m.
INM said the improvement came on the back of a 2.9% rise in total advertising revenue, along with reduced interest costs and “prudent cost management”.
The group, which includes The Irish and Sunday Independents amongst its stable of publications, said digital advertising revenue was up 43.8% - which more than offset a further decline in print advertising income.
Circulation revenue was also down 4%, though the company said its decline was lower than the industry average.
The sale of shares in APN netted the company €119.3m, which it used to clear debt. This helped to reduce its interest charge for the period from €3.1m to €1.9m, with no further such charge anticipated by the group.
