Johnston Press chief executive John Fry has voiced scepticism over the government’s plans for a network of local TV stations owned by newspaper groups.

In the company’s annual report, due to be presented to shareholders later today, Mr Fry expressed disappointment over the scrapping of the previous government’s plans for regional news consortia and said he doubted that the local TV plans would make money.

“During the year we participated in the process to gain a local television licence to provide news within Scotland,” asid Mr Fry in his chief executive’s statement.

“Our bid, in conjunction with three other partners, was selected due to the high quality and depth of editorial content and our multi-media offering.

“Unfortunately, due to the change in Government, the process was then aborted and we find ourselves in a new government programme to create local TV stations.

“At this stage, we are doubtful that this will lead to significant revenues for the Group.

The company is reporting an operating profit of £72m in 2010, up £0.2m on the previous year.

Chairman Ian Russell said: “This represents an operating margin of 18.1pc which compares favourably with our peers in the sector.”