The Irish Timeshas reported a pre-tax loss of €2.8 million for 2002.
Turnover fell by almost 9 per cent to €95 million, mainly due to a fall in advertising revenue. Operating costs fell by almost 8 per cent to €98 million.
In 2002, the company carried out a restructuring programme that saw a reduction of 250 staff.
Losses in Itronics, the Irish Timessubsidiary that includes ireland.com,were halved to €2.8 million. The business is expected to operate close to break-even in 2003.
Irish Times Managing Director Ms Maeve Donovan paid tribute to the staff who had played such a significant role in turning the company around. Shesaid: "2002 was the year in which The Irish Timesfaced its mostserious challenge."
She said the work done in reducing the cost base andreorganisation had placed the business on a sound footing that had been further built upon in 2003.
"We will be profitable in 2003 despite a more difficult economic environment with lower ad revenues," Ms Donovan said.
The company rationalised its subsidiary activities with the sale of its legal database, Itelis and the bloodstock title, The Irish Field.
Ms Donovan said The Irish Timeshad developed a significant new source of revenue with printing contracts for other titles including the Mail on Sunday, Sunday Star, The Galway Advertiserand the Tallaght Echo.