Hot Press returns to profitability after successful cost-saving strategy

THE publisher of Hot Press magazine has confirmed that the magazine has returned to profit this year following a cost-saving strategy in response to trading losses “over the past few years”.

According to accounts recently returned by Osnovina Ltd to the Companies Office, the company’s accumulated profits dropped marginally from €603,076 to €592,305 in the 12 months to the end of December last year.

Auditors for the company, Kieran Ryan & Co, confirmed that Osnovina Ltd recorded a loss last year. The loss takes account of €15,636 in non- cash depreciation costs. A note attached to the abridged accounts states that “the company has incurred trading losses over the past few years”.