British newspaper publisher Trinity Mirror said its first-half profit fell sharply due to a weak advertising environment.
Trinity Mirror, which owns the Daily Mirrorand Sunday Mirrortabloids, has launched a review of its operations and said results of that review are due by year-end.
Trinity Mirror's pretax profit for the six months to June 30th declined 12.8 per cent to £98.1 million (€144 million), a smaller decline than most analysts expected. Revenues fell 2.2 per cent to £566.6 million.
British newspaper, TV and radio companies have been hampered by a persistent downturn in the advertising market, as marketers cut their budgets amid flat consumer spending.
Newspapers have also struggled with a steady decline in readership and the migration of lucrative classified advertising to the Internet.
Many, including Trinity Mirror, have responded by investing in online classified job sites and other Internet properties.