Profits rose to €47.7m (£33.56m) after tax for the six months to June 30, despite a tough UK market.
Group turnover rose 3.9% to €659.6m, driven by a 6.8% rise in advertising income and an 8.1% rise in circulation revenues.
The group attributed the rise in turnover to improved market conditions in Australia and New Zealand, which accounts for more than half the group's revenues. It publishes the Australian Business Review and the New Zealand Herald in the region.
This turnover increase helped offset a difficult period at the UK arm, where it publishes The Independent and Independent on Sunday, where ad revenues were down 3.3%. This contributed to a £700,000 drop in profits to £5.7m at the UK operation.
Sir Anthony O'Reilly, chairman of Independent News & Media, said: "Assuming a continuation of current trading conditions, the group's uniquely strong brands, leading market positions, geographic diversity and enhanced balance sheet leave INM well positioned to deliver a meaningful improvement in earnings for 2003, in line with market consensus forecasts."
The company is currently waiting for a decision from the Department of Trade and Industry on the sale of its UK regional newspapers to US publisher Gannett.
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