Print    Email

Email To		[Close]
		You must make entries in all fields
Your Email
Your Name
Send to Email
		Send

It seems that getting rid of its loss making entities, revamping the organizational structure and adoption of effective business strategies have done wonders for the long time unprofitable group Independent News and Media.

The newspapers of Independent group are back on the track of positive profit making as the half yearly revenues have been registered at €656.5 million with a growth of 7.8%. Operating profit has escalated to 29.2%, to €94.6 million.

The group's earnings before taxes, amortization and depreciation were up at 25%, to €115.6 million. However, INM reported pre-tax losses of €31 million for the year of 2009.

INM from a very long time had earned a negative repute as a loss making media entity. The group struggling with loss of readership and advertising revenues had sold its many verticals worldwide. It sold its UK Independent and Independent on Sunday newspapers earlier this year in April. Also, it sold its remaining share in India-based Jagran Prakashan Limited media group, lowering its net debt by €360.1 million in the period from June 2009 to June 2010.

"Assuming a continuation of these positives, we are targeting an improved operating performance for the year, in line with current market expectations," Gavin O'Reilly (CEO, IMN) said in a statement.