UTV Ireland has loss of €8m

The newly launched UTV Ireland television station is expected to generate losses of around £6m (€8.3m) this year — roughly double the amount initially anticipated by parent group, UTV Media.

The Belfast-headquartered broadcaster had, when presenting its half-year financial results last August, suggested the channel, launched in January, would incur an operating loss of £2m-£3m in its maiden year, before moving into profitability.

However, despite maintaining its long-term bullishness for the venture, UTV Media’s management said yesterday that the channel’s first-year loss is likely to be closer to £6m this year.