Express Newspapers made an operating loss of £2.6 million in 2008, with a £17.1 million increase in printing costs adversely affecting profitability.
According to accounts filed at Companies House, Express Newspapers suffered a 91% drop in pre-tax profit, down from £54.9 million in 2007 to £4.8 million in 2008.
It said that the fall was due to increased promotional costs, including cutting the price of the Daily Star to 20p, while money-off vouchers in the Daily and Sunday Express cost it £6.5 million in lost revenue.
Group revenue fell 8% year on year to £257.7 million.
