Independent News & Media (INM) has reported a rise in first half operating profits. The company said profits rose 8.6% to €15.2 million.

It says this was helped by cost-cutting, adding that "significant cost reductions of €15.9 million more than offset the revenue decline".

Its revenues in the six months to the end of June fell 8.2% to €164 million.

INM said its restructuring plan is on track and that it plans to raise €40 million from shareholders to help reduce debt.

It says the first stage of restructuring has been completed, following with the sale of Independent News & Media South Africa (INMSA) for €148 million (R2 billion). It adds that the net proceeds were applied to reduce the company's debt.

INM says progress is being made on the second stage of restructuring, with submissions made to the Irish Pensions Board over proposed restructuring of its defined benefit pension schemes in the Republic of Ireland. While work on the third and final stage - a €40 million capital raise to further reduce debt - is underway.

It adds that market share positions in advertising and circulation generally increased or were maintained.

While recent ABC data shows that in the first half of the year, sales of the Irish Independent fell 3.9% to an average of 121,120 copies a day, down from 125,986 a year ago. Its actual full price sales were 101,804 copies.

The Sunday Independent fell 2.6% to 232,494 copies, the Sunday World 6.9% and The Evening Herald fell 4.3% to 58,545 copies, the ABC data shows.

Chief Executive of Independent News and Media is Vincent Crowley. He told Newstalk's Business Editor Ian Guider that the rate of decline in advertising has slowed which is helping the sector.