Paper group’s profits plummet

PRE-TAX profits at the company that runs the Limerick and Leinster Leader newspapers fell by more than half, accounts just filed at the companies office show.

Profits for the year to the end of August 2003 fell to €1.2 million, from €2.57m the previous year.

Turnover increased from €20 to €22.8m. The acquisition of the Limerick Leader added €4m in sales, though as the deal was not completed until early 2003 the full benefits of the takeover were not reflected in the accounts.