'Connacht Tribune' owners' losses narrow even after depreciation
Published 16/01/2013 | 05:00
Pre-tax losses at the company that operates the 'Connacht Tribune' narrowed sharply last year to €154,570.
Accounts just filed show that the Connacht Tribune Media Group recorded a loss of €154,570 in the 12 months to the end of March 2012, following a €254,771 loss in the previous year.
The group publishes the Galway city-based 'Connacht' and 'City Tribune' newspapers, along with the 'Connacht Sentinel' and also owns Galway Bay FM. The 2012 loss takes account of €248,528 in non-cash depreciation costs.
The unit that operates Galway Bay FM continues to be the best performing part of the group. The radio firm recorded a profit of €335,780 in 2012 and profits of €509,578 in 2011.
The unit paid a €525,000 dividend to the Connacht Tribune Ltd. Operating losses at this unit fell 21pc to €379,972.
The abridged accounts do not provide a turnover figure but show the firm's gross profit rose marginally to €3.3m last year.
The 'Connacht Tribune' is of the few remaining independently owned regional titles operating in Ireland.
Interest payments totalling €277,480 added to the company's losses along with exceptional costs of €22,150 arising from the continuing search for buyers of the company's printing equipment.
While the last few years have been tough, the 'Connacht Tribune' still had €6.88m in accumulated profits last March.
Its total shareholder funds stood at €17.2m. The accounts show that the directors' fees remained almost unchanged at €117,975.
The company had loans totalling €9.3m including a bank loan of €6m and a €3.2m loan from a group company that was unsecured and interest free.
Along with operating the three newspapers, the group purchased its local radio station Galway Bay FM in 2006.