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Article: Tribune Newspapers records loss of more than [euro]5m in 2008

Article from:
The Irish Times
Article date:
October 17, 2009
Author:
Copyright

TRIBUNE NEWSPAPERS plc, which publishes the Sunday Tribune,incurred a loss of just over [euro]5 million in 2008 as revenues shrank by 15.7 per cent.

This was 78 per cent greater than the [euro]2.8 million loss booked in 2007. The deficit in shareholders' funds was [euro]50.8 million at the end of December 2008.

Accounts just filed by Tribune show that Independent News & Media (INM), which has a 29.99 per cent stake in the business, advanced a loan of [euro]2.25 million to the newspaper last year.

This brought INM's outstanding loans to Tribune to [euro]15.27 million by the end of 2008.

The loans carry an interest rate of 8 per cent and had accrued [euro]3.9 million in interest payments up to ...

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