Telegraph Blames Results On Price War

The Telegraph has announced pre-tax profits of £16.2m for the three months to the end of March 1995. This figure was boosted by a £7.5m profit made from the sale of a stake in Carlton Communications.

The group blamed the price war for poor operating profits, which fell by 63% to £4.5m. Revenues from newspaper sales fell by 40%, while advertising increased by 8%. Commenting on the results managing director, Stephen Grabiner, said; “We would prefer to be selling quality newspapers at 45p or 50p, but we will take whatever steps are necessary to maintain our circulation.”