INDEPENDENT Newspapers Holdings, the South African subsidiary of Independent Newspapers, has reported pre tax profits for the year to the end of December of 92.7 million rand (£17.2 million). This compares to pre tax profits of 45.4 million rand in the nine months to the end of 1994.

Turnover during the period was 872 million rand compared to 561 million rand in the previous nine months.

The introduction of three new titles, Business Report, Sunday Independent and Sunday Lee and the relaunching and repositioning of the existing titles helped boost revenue, according to the company. The circulation of the group's five main daily titles in Johannesburg, Durban and Cape Town has fallen by an average of 5 per cent over the past year but this has been compensated for by an increase in cover prices by an average of 25 per cent, according to South African media analysts.

Advertising support remained firm, according to a company statement.

Independent Holdings took an exceptional charge of 9 million rand to cover staff rationalisation and the cost of introducing new technology, the statement said.

The company has also taken the step of revaluing its titles in line with group policy.

Independent Holdings is quoted on the Johannesburg Stock Exchange. It is 58 per cent owned by Independent Newspapers, whose part of the 60 cents a share dividend payment will be worth about £2.8 million.