Independent News & Media, the owners of the Belfast Telegraph, have reporterd profits up more than 80 per cent for the six months to the end of June.

There was an 18.5 per cent rise in advertising revenues during that time on a varied portfolio that includes newspapers around the world, including the Independent and Independent on Sunday.

The company’s report said: “In common with other regional titles, The Belfast Telegraph, after a good first quarter, has been affected by the second quarter downturn, as well as a slowing of economic activity in Northern Ireland. Overall, UK ‘like-for-like’ advertising grew by 5.5 per cent in the period.

The Saturday edition of The Belfast Telegraph was launched as a compact in February, and a new morning compact edition of the Monday to Friday Belfast Telegraph was launched in March. Both initiatives were well received and as a result The Belfast Telegraph was the best performing evening regional newspaper in the UK (ABC period January-June 2005).

During the period, Belfast Telegraph Newspapers secured a new 15-year contract print agreement with News International for its Northern Ireland copies.

This long-term contract underpins the contract print business of the group’s Northern Ireland operations and has facilitated the upgrade of the print plant in Belfast.

Chief Executive Sir Anthony O’Reilly made the following outlook statement on the company as a whole: "We are pleased to announce another set of record results for the first half.

"Because of the geographically diversified nature of the group’s asset base in strongly growing economies, its market leading brands and a commitment to be the low-cost operator, the Board remains confident of your group’s ability to deliver double-digit full year earnings growth for 2005 and to sustain superior earnings growth into the future."