THE company that publishes 'Hot Press' magazine returned to profit in 2011 after years of successive losses.
Filings lodged with the Companies Office confirm Osnovina returned to profit in 2011, with accumulated profits increasing from €592,305 to €607,858.
The accounts show the company had shareholder funds totalling €631,666 at the end of December 2011. The most recent Audited Bureau of Circulation figures show that for 2011, 'Hot Press' sold on average 17,688 – down marginally from the 17,725 average circulation in 2010.
The magazine was established by Niall Stokes, pictured, in 1977 and the accounts show that at the end of 2011, the company's directors were owed €507,933 by the company.
The directors are listed as Mr Stokes, Mairin Sheedy and John Hayden, who resigned from the board in May of last year and sold his shareholding to Mr Stokes.
Mr Stokes was unavailable for comment yesterday.