Revenues down at publisher of the 'Irish Daily Mail'
The publisher of the 'Irish Daily Mail' and 'Irish Mail on Sunday' has reported falling sales and says trading losses have been €50.5m since it entered the Irish market.
Associated Newspapers (Ireland) Ltd's trading losses fell marginally last year as pre-tax profit increased 6pc to €1.92m as it cut costs. Revenues fell 5pc to €18.27m in the 12 months to the end of September.
The paper's UK owners have provided a non-refundable capital contribution of €51.64m to the Irish business.
"The company is conscious of the need for continued financial support from its parent undertaking in order to continue as a going concern," the directors say in a statement accompanying the results.
"The company's principal source of income is its service contracts with Associated Newspapers Ltd."
Separate accounts lodged with Companies House by the UK based Associated Newspapers - publisher of the 'Daily Mail' in the UK - show that last year it recorded pre-tax profits of £43.57m on revenues of £687.8m.
The firm had shareholder funds of £269.5m at the end of September last.
The numbers employed by the Irish-based business last year increased by one to 148, with 143 employed in administration and five in management.
Salaries fell by 3.5pc to €11.05m
The firm's corporation tax charge for the period was €277,905. However, as a result of recording an over-provision of corporation tax of €258,709 paid in earlier periods, the firm's tax bill for 2013 was €19,196.
The increase in profits arose from the company's administrative expenses falling by more than €1m during the year reducing to €16.3m.
The company posted accumulated losses of €59.49m at the end of September.