Independent News and Media reported a sharp drop in pre-tax profits in 2002 as the group wrote off a number of media investments including the Chorus cable television venture in Ireland.
Independent said pre tax profits for 2002 were €22.2 million compared to €61.8 million in 2001.
INM also announced the disposal of its British regional newspaper business and a rights issue, which when combined with cash raised from APN means that €256 million in fresh funds will have been injected into the group.
INM said the decision to take a €82.5 million charge against Chorus reflects the difficult economic conditions faced by the cable television industry in Ireland and globally and is in line with similar provisions recorded by comparable media and cable companies.
But despite the difficult market conditions experienced by media companies the group remained upbeat in its outlook statement. It said the combination of improving sentiment, a fortified balance sheet, and robust brands leads the company to believe will continue to perform well in the future.