Independent News & Media posted a fall in first-half pre-tax profit today but said it was well-positioned to benefit from any improvement in a sluggish advertising market.
The group reported pre-tax profits of €51.7 million, down from €57.6 million in the same period last year.
Earnings per share before exceptional items and amortisation were 6.31 cents, down from 7.68 cents previously. Operating profit slipped to €102.7 million from €109.3 million. Turnover fell €21 million to €635.1 million.
The company said it believed it had performed well against its peers amid tougher markets.
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It said if the advertising market exceeded expectations in the second half it was hopeful of showing a full-year improvement on 2001.