Friday, October 25 10:35:27
Stringent cost cutting helped The Irish Times to reduce its full year losses from E1.9m in 2011 to E780,000 last year, accounts just filed show.
But operating profit fell to E1.7m in 2012, down from E2.5m a year earlier, it reported on its website.
Advertising revenue fell 6.1pc and revenue from circulation fell 3.9pc.
It had cash reserves of E11.2m at the end of last year, compared to E10.3m in 2011.
Irish Times Ltd managing director Liam Kavanagh said the digitisation of the industry was one of the reasons behind the fall in advertising and circulation.
He said the company managed to outperform the marketplace in advertising.