Liam Kavanagh, Managing Director, Irish Times
The Irish Times made an operating profit of €1.7m on a turnover of €85.5m in 2012.
According to a report in today’s Irish Times, the €1.7m operating profit compares with the €2.5m achieved in 2012. When finance and exceptional charges are taken into account, the net loss for 2012 was more than halved from €1.9m in 2011 to €779, 973 according to the report.
Like most other papers in the print sector, the Irish Times has been battling with a difficult advertising and circulation market. According to paper, revenues from advertising last year were down by 6.1% while circulation revenues fell by a more modest 3.9%. At the end of December 2012 the company had no debt while its cash reserves stood at €11.3m, up from €10.3m a year earlier.
Liam Kavanagh, the company’s managing director told the Irish Times that “We are still unfortunately managing decline overall, and that situation is mirrored again this year.”
Kavanagh also pointed out that revenue from its digital businesses, including MyHome.ie amounted to around 9% of total revenues.