Independent News & Media PLC, which publishes 175 newspapers and magazines worldwide, reported a 30 percent drop in first half profit Tuesday because of exceptional charges, but said revenue and operating profit rose modestly.
Net income fell to euro87.3 million in the six months ended June 30, from euro124.1 million in the same period a year ago, the Dublin based company said in a statement.
Independent this year incurred a charge of euro5.5 million relating to redundancy payments in Northern Ireland, where it is the dominant publisher. Last year the company made a one off gain of euro37.7 million profit from the sale of its iTouch mobile messaging subsidiary.
Revenue rose 3.6 percent to euro796.7 million, while operating profit before tax and exceptionals gained 4.7 percent to euro147.9 million.
Global circulation of Independent's publications rose 5.5 percent, the company said.
Independent News & Media operates newspapers, radio stations and outdoor advertising companies in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. It employs more than 10,000 people in 21 countries.