Revenues down at publisher of the 'Irish Daily Mail'
Published 25/07/2014 | 02:30
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.