TRIBUNE Newspapers will be able to meet its obligations to loan stock holders, who are due to be repaid £692,000 at the beginning of April, chairman Mr Gordon Colleary has stated. The £692,000 is due to be repaid either through converting the loan stock into ordinary shares or in cash.
At yesterday's annual general meeting, Tribune also reported results for the half year to the end of December 1995, with pre tax losses down from £896,000 to £749,000. And while the results show an improvement at the operating level, with operating losses' down from £664,000 to £464,000, they also show that Tribune remains in a difficult financial position, with negative shareholders' funds rising from £6.4 million to £7.1 million.
Mr Colleary said losses for the "fill year would be much lower" than last year's £2.36 million.
"Our readership is growing and forward advertising looks good," he said, adding "Our target is to break even as quickly as possible."
Mr Colleary said some of Tribune's issues in the first part of 1996 had made money. He said that the sales of last Sunday's issue were about 86,000 but rejected suggestions that the recovery in Tribune's circulation was due to the absence of the Sunday Press.
On increased competition in the Sunday market through the proposed new sports newspaper and a possible Sunday edition from The Irish Times Mr Colleary said "The Sunday market is only for intrepid people, but we will be here next year."
Mr Colleary said that Independent Newspapers had provided substantial support during 1995, but added that, in the past two months, Independent had not provided any additional funding.
Mr Colleary told the sparsely attended a.g.m. that company secretary Mr Cathal O Caoimh would be leaving Tribune at the end of March and did not seek reelect ion to the board as indicated in the notice of the a.g.m.
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