Current Account: Porn baron Mr Richard Desmond is among many British media investors to have entered the Irish market through his 50 per cent ownership of the tabloid Irish Star.

Recently filed accounts show that Desmond, who purchased the Express newspaper group for €207 million late in 2000, took a €1.05 million dividend from his share of the the Irish title in 2001.

The other beneficiary of a hefty dividend from the title was, of course, Independent News & Media, which also received €1.05 million.

Yet handsome as these returns were, up from a total dividend of €1.9 million a year earlier, they resulted in a net loss from the successful newspaper for the second year running. This was despite a very healthy trading performance.

The most recent filings at the Companies Office show that Independent Star Ltd, which publishes the Irish Star, made a profit after tax in 2001 of €1.91 million, up from €1.84 million a year earlier.

But after dividends, the company absorbed a €757,424 loss for 2001, a great deal more than the €61,264 deficit a year later.

There was some speculation in 2000 that Mr Desmond might sell his stake to the Indo, although there would appear to be no reason for him to offload nice profits and dividends.

Mr Desmond's other interests include celebrity gossip title OK! and a slew of soft porn magazines such as Asian Babes. These certainly contrast with the wide interests of Sir Anthony O'Reilly, but the taboid venture seems to be doing well for the two of them.