‘Star’ profits slump by 60%

The owner of the Irish Daily Star newspaper saw a 60% drop in profits in 2011, mainly arising from the closure of its Sunday title, with the company also lurching from a net cash to a net debt position by the end of the year.

Accounts filed with the Companies Registration Office for Independent Star Ltd show a fall in full-year operating profit (before tax) from almost €4.3m to just under €1.7m. Total profit for the year came to nearly €1.44m, down from a near €3.9m total at the end of the previous year.

However, prior to €2.32m worth of exceptional costs — relating to the redundancy, contractual, and other costs arising from the decision to close the Irish Daily Star Sunday — operating profits amounted to just over €4m, down from €4.3m in 2010.