Daily Mail publisher hit by decline in ad revenue

LONDON (Reuters) - The publisher of the Daily Mail reported an 11 percent drop in adjusted operating profit after its media business suffered from a fall in print advertising revenues and challenging conditions in the property information, energy and financial sectors.

Daily Mail and General Trust reported adjusted operating profit of 277 million pounds for the year to end-September on revenue of 1.92 billion pounds, flat on an underlying basis.

“The reduction was principally due to DMG Media, which increased digital investment and suffered an underlying 12 percent decline in print advertising revenues, and to Euromoney, which saw revenues decline by an underlying 4 percent,” the company said on Thursday.

($1 = 0.7975 pounds)

Reporting by Paul Sandle; editing by Kate Holton