Sunday Tribune bled €54,000 a week in 2007

THE Sunday Tribune increased its losses in 2007 — losing more than €54,000 a week.

Newly filed accounts for the paper, which is part-owned by Independent News and Media (INM) show losses in 2007 increased to €2.8 million from €2.6m in 2006.

INM& owns 29.9% of the paper, making it the second-largest shareholder behind chairman Gordon Colleary. Significant stakes are also held by Glen Dimplex, founder Martin Naughton and Mondello Park owner Martin Birrane. Turnover in 2007 dropped to €11.4m from €11.7m in 2006. Operating losses for the year increased from €642,000 to €806,000.

In his statement, chairman Gordon Colleary said the past year has seen the company lose some ground made in previous years.

“Our circulation and readership figures remain strong in the very competitive market for Sunday newspapers on the island with a 3% increase in circulation revenues.

“Our advertising revenues in the current year are just below €6,258,000 which represents a 4% drop in income. Given the sharp drop in property advertising in our special weekly supplement we regard it as an achievement to have held our loss to this level.”

Mr Colleary said the economic indicators for the current year are not very favourable for Ireland.

“Such an economic climate has greater consequences for stand-alone publications like the Sunday Tribune,” he added.

Included in the accounts are redundancy costs of €70,000, down from €131,000 in 2006. The number of staff at the end of last year was 56, down from 63 in 2006. Staff costs dropped to €3.8m as a result from €3.9m in 2006.

The company’s five directors are listed in the accounts as Mr Colleary, Mr Birrane, Andrew Donagher, Brendan Hynes and Liam Healy.

The paper did not require any loans from Independent News and Media last year, the accounts show. In 2006 it required €587,000, down from the €4m it borrowed from INM in 2005. The interest rate on these loans is 8% a year and the interest owed and accrued in 2007 was just over €1m, the same as in 2006.