{"id":9204,"date":"2012-03-22T15:24:51","date_gmt":"2012-03-22T13:24:51","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-independent-news-media-annual-profit-drops\/"},"modified":"2012-03-22T15:24:51","modified_gmt":"2012-03-22T13:24:51","slug":"update-1-independent-news-media-annual-profit-drops","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-independent-news-media-annual-profit-drops\/","title":{"rendered":"UPDATE 1-Independent News &amp; Media annual profit drops"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* FY operating profit 75.5 mln euros vs 74.4 mln consensus<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Cuts costs by 11.3 pct<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">DUBLIN, March 22<\/span> (Reuters) &#8211; Irish publishing group<br \/>\nIndependent News  Media Plc posted an annual profit<br \/>\ndown 9 percent year-on-year, in line with analyst expectations,<br \/>\nand said the Irish market remains challenging as advertising<br \/>\nrevenues are hammered.<\/p>\n<p><span><\/span><\/p>\n<p>Independent News (INM) cut its 2011 profit forecast in<br \/>\nNovember after global economic uncertainty hit advertising<br \/>\nsales, prompting its largest shareholder to call for the chief<br \/>\nexecutive&#8217;s resignation.<\/p>\n<p><span><\/span><\/p>\n<p>The Dublin-based group has radically restructured over the<br \/>\npast two years, selling its flagship UK title the Independent,<br \/>\nas well as interests in India, shutting loss-making newspapers<br \/>\nin Ireland and swapping debt for equity to secure its future.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;2011 was another challenging year for our industry.<br \/>\nIreland&#8217;s economic prospects stabilised &#8230; but consumer demand,<br \/>\nand spending, did not return to the domestic economy as<br \/>\nausterity measures and the Eurozone debt crisis, in particular,<br \/>\nweighed on sentiment,&#8221; Gavin O&#8217;Reilly, Group CEO said in a<br \/>\nstatement on Thursday.<\/p>\n<p><span><\/span><\/p>\n<p>The company posted a full-year underlying operating profit<br \/>\nof 75.5 million euros ($99.6 million) compared with 82.6 million<br \/>\na year ago and in line with an analyst consensus of 74.4 million<br \/>\neuros.<\/p>\n<p><span><\/span><\/p>\n<p>Irish billionaire Denis O&#8217;Brien, who owns nearly 22 percent<br \/>\nof the group and has fought with management for years, said in<br \/>\nNovember that a second profit warning in three months risked<br \/>\nIndependent News encountering difficulties with its bankers.<\/p>\n<p><span><\/span><\/p>\n<p>Shares in INM closed at 25 cents on Wednesday, after falling<br \/>\nbelow the 1 euro mark nearly two years ago, valuing the group at<br \/>\napproximately 138 million euros.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* FY operating profit 75.5 mln euros vs 74.4 mln consensus * Cuts costs by 11.3 pct DUBLIN, March 22 (Reuters) &#8211; Irish publishing group Independent News Media Plc posted an annual profit down 9 percent year-on-year, in line with analyst expectations, and said the Irish market remains challenging as advertising revenues are hammered. Independent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9204","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9204"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9204\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}