Publishing group Thomas Crosbie Holdings reported a pre-tax loss of more than €800,000 in 2002 as reorganisational costs outstripped profits.
The publisher of the Irish Examiner, Echoand Sunday Business Posttitles, among others, said pre-tax profits eased slightly to €2.4 million - some €200,000 less than 2001.
This was off-set by reorganisational and exceptional costs of €3.2 million that saw the company report a pre-tax loss of €857,594.
However, the company did report improved turnover due in part to the acquisition of the Sunday Business Post from Trinity Mirror for €10 million in April 2002. The Sunday title reported an operating loss of €340,000 in 2002.
Turnover increased by €7 million to €65 million. Gross profits were €29.4 million an improvement of €3 million on the previous year.
Thomas Crosbie Holdings has 12 newspaper titles in the Republic and Northern Ireland.
The group also has Internet interests through Thomas Crosbie Media, RecruitIreland.com and in MotorNet.ie. It also has radio holdings, with Northwest Radio, MidWest Radio and Cork station RedFM.
Tangible assets were reported as €23.7 million with €1.2 million and current assets of €7.7 million.
The company's eight directors were paid €2 million while shareholders received dividends of €1.3 million.
