Crosbie Holdings profits up 7% to €11m

IRISH EXAMINER publisher, Thomas Crosbie Holdings (TCH), paid its shareholders €3.2 million in dividends last year, when the company made €11 million in profits.

TCH, which owns the Irish Examiner, Sunday Business Post, Irish Post and 15 other titles, said yesterday that its turnover in 2007 was up almost 7 per cent on the previous year at €113 million.

Operating profit before interest and tax was down 20 per cent at €11.1 million in 2007, from €13.7 million a year earlier.

The company paid its shareholders, ultimately members of the Crosbie family, a dividend of €3.22 million, slightly below the €3.25 million it paid in 2006.

TCH paid its directors a total of €1.08 million, almost 3 per cent more than the €1.05 million it paid in 2006.

Chairman, Alan Crosbie, said the results reflected the commitment demonstrated by management and staff in "the most competitive media market in the world".

Along with 18 national and local newspapers, TCH owns three websites and has shareholdings in radio stations in Cork, the mid west and Mayo.

It has a 22.5 per cent stake in 4FM, the new multi-city radio station that is due to begin broadcasting in 2009.