Operating profits at The Irish Times group fell to £9.95 million (€12.63 million) for 1999 from £12.76 million, despite a strong increase in revenue from advertising. Profits were depressed by a sharp rise in costs, which increased to £64.25 million from £54.32 million. After investment income - down to £1 million from £1.37 million - the group reported pre-tax profits of £10.96 million for 1999, down from £14.13 million the previous year. Irish Times investing in the future.