Overall, Independent News & Media saw a fall in newspaper advertising revenue of 3.2% in real terms, but across the group there was a 20% rise in operating profits.
Revenues at the group fell by 2.3% in real terms to €1.31bn (£890m), although Independent News & Media said that this was primarily due to a 28% devaluation of the South African Rand during the year. In constant currency terms, revenues was up by 1%.
Profits including exceptional items were down from €61.8m to €22.2m, after a €82.5m write-off due to investments in Irish cable network Chorus.
Sir Anthony O'Reilly, Independent News & Media's executive chairman, said: "The board's decision to take an €82.5m exceptional impairment provision against its entire investment in Chorus reflects the difficult economic conditions faced by the cable television industry in Ireland and globally, and is in line with similar provisions recorded by comparable media and cable companies."
The group also said that it had finalised the proposed the sale of its UK regional newspaper business to Gannett subsidiary Newsquest for £60m, and was to undertake a €107m gross rights issue, injecting fresh capital into the group. Late last year, Independent News & Media lost out in a bidding war against Newsquest to buy SMG's Herald group of newspapers.
The company was also upbeat on the forthcoming year. Sir Anthony said: "The combination of improving sentiment, a fortified balance sheet, our robust brands and a proven operational track record point to continuing favourable performance prospects for the group."
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