Irish Daily Star profits drop 10% as operating costs are reduced by 5.5%

THE owner of the Irish Daily Star newspaper had a 10% drop in profit last year, according to its newly filed accounts.

Independent Star Limited — a joint venture between Independent News & Media (INM) and British publishing group, Northern & Shell — generated an operating profit of €4.3 million in 2010. This was down by 10% on the previous year; while 2010’s total revenues fell by 5%.

The group cut operating costs by 5.5% last year and paid €4.55m in dividends to its shareholders.