Losses fall to €54.8m at 'Daily Mail' publisher
Published 06/07/2015 | 02:30
Accumulated losses at the publisher of the 'Irish Daily Mail' dropped 8pc to €54.84m in the year to the end of September.
The fall was caused by an 11pc jump in pre-tax profit - to €2.1m - and the company enjoying a tax credit of €2.5m in 2014.
Associated Newspapers (Ireland), which also publishes the 'Irish Mail on Sunday', made the profit despite revenues dropping by 1.4pc from €18.27m to €18m in the 12 months to the end of September last.
The company's directors said they were satisfied with the results. The jump in profits is attributable to the firm reducing its cost base by €500,000 last year, with administrative expenses declining by 3pc from €16.3m to €15.8m.
The drop in revenues is partly explained by a drop in circulation at the 'Mail' titles here last year.
Audit Bureau of Circulation figures for July to December 2014 show that circulation for the 'Irish Daily Mail' fell 10pc year-on-year to 44,117 copies. 'The Irish Mail on Sunday' retreated 7.1pc to 89,107.
Associated Newspapers has invested heavily in its expansion in Ireland over the years. The accounts show that Associated Newspapers has made a "non-refundable" capital contribution of over €51m to its Irish arm.
"The company is conscious of the need for continued financial support from its parent undertaking in order to continue as a going concern," the Irish operation's directors said.
"The company's principal source of income is its service contracts with Associated Newspapers."