THE absence of the Irish Press titles and organic growth in the existing business is likely to see operating profits at Independent Newspapers' Irish operations rise from £21.5 million in 1994 to £26.1 million in 1995 and £27.1 million in the current year, according to Goodbody Stockbrokers.

In a bullish report on the media group, analyst Ms Joan Garahy warns that a fund raising by Independent is likely for any one of a range of investments - from Express in the UK to radio expansion in Australia or New Zealand or to increased investment in Portugal, South Africa, New Zealand and Australia.

As well as the operating profits, from the Irish operation, the analyst expects Independent to suffer an operating loss in 1995 of £1.8 million from its stake in Tribune Newspapers. In addition, Independent is forecast to take a £3.3 million loss on Newspaper. Publishing in the UK, publishers of the Independent and Independent on Sunday. Overall, however, with strong growth forecast in Australia and South Africa, Goodbody is expecting Independent to raise operating profits from £40.5 million to £53.2 million.

At the pre tax level, Ms Garahy is expecting profits to rise from £37.7 million in 1994 to £51.9 million in 1995 with strong growth in earnings per share and dividends. The analyst gives the shares a "long term buy" recommendation.