Independent News & Media (INM) this morning reported full-year pre-tax profits of €154.6 million, a 20 per cent rise on the previous year.
In a statement the company said it was confident it could further improve its performance this year but added there would be further job cuts under its restructuring plan.
INM which publishes The Irish Independent, Sunday Independent, Evening Heraldand Sunday Worldand has part shares in The Starand The Sunday Tribune, beat market forecasts
Adjusted earnings per share (EPS) increased 10.8 per cent over the 12 month period to the end of December of €12.63.
Turnover in the group grew by 6 per cent to just under €1.4 billion.
Within the State, turnover was up by 3.7% to €379.2 million with profits marginally ahead on €75.3 million. INM reported improved advertising revenues, while rises in the cover price increased circulation revenues by 2.7 per cent.
INM, which has operations in Northern Ireland where it owns the Belfast Telegraph; in Britain, where it owns The Independent; and in South Africa, Australia and New Zealand, proposed a final dividend of 5.15 cents, up 9 per cent on the previous year.
Executive chairman Mr Tony O'Reilly said a year of strategic investment left the group's core operations well-positioned.
"Trading in 2004 has started positively and, given a continuation of current trading conditions, the board remains confident of further improvement in underlying profitability for 2004," Mr O'Reilly said.
INM also reported exceptional gains following a number of asset sales under its restructuring plan.