Revenue at Mecom, which operates in Denmark, the Netherlands, Norway and Poland, fell year on year from €749.6m to €708.3m (£590.1m) in the six months to 30 June 2010.
It cut its pre-tax loss down from €79.2m, while operating profit grew from €18.7m to €42.2m.
The drop in revenues included a 3% drop in advertising revenue to €334.7m. Print advertising revenue declined by 5% which was partially offset by a 47% leap in online advertising revenue.
Costs excluding exceptional items were cut from €501.5m to €467m.
David Montgomery, chief executive of Mecom and former chief executive of Mirror Group, said: "The circulation and cost performance in these six months demonstrates the robustness of our business and its assets.
"We are especially pleased with the reduced rates of attrition in subscription volumes and the related growth in revenues. Management and staff continue to focus on extracting new revenue from the wider consumer market, particularly online."
Mecom endured a difficult 2009 and was forced to dispose of businesses and make swingeing staff cuts to offset the downturn.
To offset its problems Montgomery set the company a series of digital advertising and content revenue targets to reduce its reliance on revenue from printed newspapers.
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