Thomas Crosbie Holdings projects return to profit in 2011

IRISH Examiner owner Thomas Crosbie Holdings Limited (TCH) has written down the value of a number of media brands acquired over the last 15 years by €30 million.

Accounts to be filed with the Companies Registration Office show TCH recorded a pre-tax loss of €38.2m (2008 €3.5m) for the 53 weeks in the year ended January 3, 2010.

The bulk of the losses arise from the writing down of the company’s €56.8m investment in newspapers and radio brands purchased over the last 15 years. TCH said the cost of fundamental reorganisation in 2009 was €32.2m (€2.3m), including a brand impairment charge of €30.1m. This follows a review by the directors of the carrying value of the group’s brands.