Johnston Press loses €6m
Published 15/10/2010 | 05:00
Redundancy costs totalling €5.2m at one of Ireland's largest media groups, Johnston Press Ireland Ltd, resulted in the group recording a pre-tax loss of €6m last year.
Accounts just filed show the group, which owns numerous regional newspapers in the Republic, recorded the pre-tax loss of €6m after recording a pre-tax profit of €3.9m in 2008.
The figures for the year to January 2 last show that the group's revenues dropped 17pc from €36.9m to €30.6m.
The Scottish-owned group's newspaper titles include the 'Limerick Leader', the 'Kilkenny People', the 'Donegal Democrat', the 'Leinster Leader', the 'Longford Leader' and the 'Tallaght Echo'.
Last year, Johnston Press withdrew the sale of its Irish regional newspapers after failing to receive a sufficiently high bid -- the group, which is heavily indebted, paid a reported €260m to acquire the Irish titles over a four-year period.
In September of last year, the group also closed its printing operation at Kilkenny with the loss of 46 jobs, and incurred an exceptional cost of €1.8m relating to its writedown.