Regional papers have mixed fortunes

TWO of the country’s biggest regional newspapers have had mixed fortunes.

Profits at the Clare Champion rose in 2004 year, but the Connacht Tribune saw its earnings slip, newly- filed accounts for the two companies reveal.

The Connacht Tribune made a profit before tax of €816,779 in the year to end March 2005, down from €994,761 in the previous 12 months. A rise in distribution costs and administration expenses was behind the fall. The company also took an exceptional charge of more than €210,000.

Even with the fall in profits, the company’s shareholders received the same dividend payment as in the 2004, pocketing €162,084.

The company also paid its directors €120,000 in fees. The directors of the Connacht Tribune are listed as David Hickey, Gerard Cloherty, Timothy Naughton, Mary Costello, Joan O’Reilly and Peter Allen.

At its year end the company had retained profits, after the dividend payment, of €7.53 million.

The paper also had listed market investments of more than €4.1m, an increase of nearly €1m year-on-year.

Meanwhile, the Clare Champion profits in 2004 grew by just over €300,000 to €711,458.

The paper, which is owned by the Galvin family, paid dividends of just over €1.06m. The title, which is more than 100-years old, is owned by John, Gemma and Shelly Galvin.

Despite the rise in profits in 2004, shareholders’ funds plunged from €6.46m to €2.91m.

The decline is because of the dividend payment and a €3.1 million bill for distribution costs.

The paper itself hit the headlines last year when its editor of just a few months, Michael Sheridan, sued for wrongful dismissal. The issue has since been settled.