Crosbie Holdings declares €3m loss
media company Thomas Crosbie Holdings (TCH) -- which publishes the Irish Examiner and the Sunday Business Post -- has posted losses of nearly €3m.
The firm said it had an operating loss before interest and taxation of €2.95m in 2009 on the back of turnover which fell from €106m to €82.5m.
The company also saw staff numbers fall from 802 to 711 as advertising revenue fell and circulation came under pressure. The net loss is expected to be much higher after exceptional items are taken into account.
The operating loss is much worse then 2008, when it was only €76,000.
TCH interim chief executive Tom Murphy said 2009 had been a very difficult year.
"We expect to be loss-making in 2010 but on completion of cost-reduction programmes we expect the savings combined with revenue-generating initiatives will return [the group] to profitability."
TCH has already implemented pay freezes and pension cuts in recent months. In September staff at the Irish Examiner were told their pensions would be cut by 50 per cent while at the Sunday Business Post pay was cut twice.