Regional newspaper owner turns its first profit

The media firm established by aviation entrepreneur Domhnal Slattery has recorded a profit for the first time.

Accounts just filed to the Companies Office by the firm that publishes the Clare People newspaper, Clare College News Ltd, show that the firm recorded a post-tax profit of €31,841 in the 12 months to the end of Dec 2011.

The firm’s accumulated losses have reduced sharply from €4.92m to €1m in 2011. This is understood to arise mainly from Mr Slattery and co-founder, Sean Lyne writing off loans advanced to the firm.