Pre-tax losses at Times Newspapers, owner of the Times and the Sunday Times, increased by 72% from £46.9 million to £80.7 million in the year to the end of June 2006.
News Group, sister company of Times Newspapers and home of the Sun and the News Of The World, took a £30.2 million share of the estimated redundancy costs.
News International’s new presses should be operational by 2008-2009 and the company hopes that the redundancy programme will save nearly £40 million a year once that occurs.
Since the Times went fully tabloid, turnover at the paper for the first full accounting year was up £19.6 million, or 5%, to £436.1 million.
Earlier in the month News Corporation announced that its profit for the last three months of 2006 dropped to $822 million (£417 million) (see News Corp Profits Down).