INM is only media company to make a profit
Published 25/03/2012 | 05:00
INM, which reported operating profits of €75.5m last week, is the only major Irish newspaper and media company not to be losing money.
The Irish Times reported operating losses in its most recent accounts, while TCH, owner of the Examiner and Sunday Business Post, is also loss making. Last November, RTE director general Noel Curran indicated that the broadcaster was likely to lose €17m this year.
All of INM's Irish titles are profitable despite "challenging conditions" in the market. "INM newspapers all enhanced or maintained market share last year," according to INM chief executive Gavin O'Reilly.
"There has been some encouraging trading in recent weeks, particularly in Ireland but visibility remains short and susceptible to influence by macro-economic factors," Mr O'Reilly added.
"The company has an impressive track record of cost control over the last number of years," according to Goodbody analyst Gavin Kelleher.
INM continued to pay down debt last year, carving €47m off the €427m in borrowings.
Sunday Indo Business