Connacht Tribune profit falls €234,000

Accumulated profits at the Connacht Tribune media group last year declined by €234,447, new figures show.

The group publishes the Galway city-based Connacht and City Tribune newspapers along with the Connacht Sentinel and it also owns Galway Bay FM.

New figures for the group just lodged with the Companies Office by Connacht Tribune Ltd show that its accumulated profits decreased from €6.88m to €6.64m in the 12 months to the end of Mar 31 last.

Separate figures lodged by the firm that operates Galway Bay FM show that Western Community Broadcasting Services Ltd continues to be the best performing entity in the group.

The figures for last year show that the firm’s post-tax profits increased by 28% from €335,780 to €429,246.

The accounts show that the firm paid a dividend of €440,00 to its parent last year and this followed a dividend payout of €525,000 in fiscal 2012.

The performance by Connacht Tribune Ltd last year takes account of non-cash depreciation costs of €133,274.

The figures show that it has financial assets valued at €17.38m that relates to a subsidiary.

The Connacht Tribune is of the few remaining independently owned regional titles operating in the country.

Along with operating three newspapers, the Connacht Tribune purchased local radio station, Galway Bay FM in 2006.

The figures show that the firm increased its called-up share capital last year from €1.02m to €1.28m.

This contributed to the firm’s shareholder funds last year increasing from €17.24m to €17.3m after taking into account the drop in the firm’s accumulated profits.

The figures show that the firm has bank loans totalling €6.1m with a loan from a group undertaking totalling €€3.27m.

Separate accounts lodged by Galway media firm, the Galway Advertiser Ltd show that it recorded a modest profit of €5,320 in 2012 to reduce its accumulated losses to €3.537m at the end of Dec 2012.