Operating profits are down by 35pc and revenue by 14pc at Independent News and Media.

The company, which publishes the Belfast Telegraph and sister title Sunday Life, saw profits drop from €7.3m to €4.7m.

Revenue also fell from €134.6m to €115.6m for the same period in INM’s UK division.

The figures issued today refer to the six-month period up to June 30, 2008.

A company statement said: “Recruitment and property advertising were below the record levels reported in the comparable period last year.

“The launch of a new car website, nicarfinder.co.uk, co-ordinated with a revitalised print offering, resulted in a strong performance in motors. All other areas of advertising performed well.

“The Belfast Telegraph continues to be the clear number one newspaper in Northern Ireland, recording an ABC (Mon – Fri) of 78,656 copies in the January to June 2008 ABC period.”