Accumulated losses fall to €50m at Irish Daily Mail
Accumulated losses at the publisher of the 'Irish Daily Mail' fell to €50.79m last year.
The company, Associated Newspapers (Ireland) Ltd, also publishes the 'Irish Mail on Sunday' and the latest accounts show accumulated losses reduced after the company recorded pre-tax profits of €2m in the 12 months to October 2 last.
That pre-tax profit was up marginally on the €1.97m recorded in 2015.
Revenues increased slightly, from €17.33m to €17.35m, the accounts show.
UK-owned Associated Newspapers has invested heavily into its Irish expansion over the years with accumulated losses of €50.79m on October 2 last.
The firm had shareholder funds totalling €13.1m as a result of other reserves of €51.64m and €12.25m in called up share capital.
The Irish firm's UK parent, Associated Newspapers Ltd, has deep pockets with shareholder funds totalling £305.4m at the end of September 2015.
Outlining the principal risks and uncertainties facing the Irish business, the financial accounts stated that "the company is conscious of the need for continued financial support from its parent undertaking in order to continue as a going concern".
They added: "The company's principal source of income is its service contracts with Associated Newspapers Ltd."
Staff numbers fell last year from 142 to 137 and staff costs reduced from €10.8m to €10.4m. Four directors, Eric Bailey, Paul Henderson, Brian Wright and Kevin Beatty served on the board during the year, and directors' pay totalled €603,000.