River Media Newspaper Holdings, publishers of the Donegal Post, Letterkenny Post and Inish Times, reported a €3.3m loss
in 2008, according to accounts recently filed with the Companies Registration Office.
The company, which also publishes the Finn Valley Post, Derry News, County Derry Post and Kildare Post, is part of River Media, which was set up in 2005 by Padraig O'Dwyer and Tim Collins in partnership with The Irish News.
At its height just three years ago, River Media owned thirteen newspapers. River Media also owns the Sligo-based radio station Ocean FM.
A report in Monday’s Irish Independent revealed that the 2008 accounts for River Media Holdings showed the company owed €6.9m to creditors, on current assets of €6.5m, for the year. Despite this, the company directors remained confident. "The current economic climate is challenging and the company is operating in a sector which is particularly recession-sensitive. The outlook for the company presents significant challenges in terms of sales,” their report read. The directors said they had a “reasonable expectation that the company will have adequate resources to continue an operational existence for the foreseeable future".