Times Newspapers took a smaller hit on redundancy costs at its printing operations, causing losses to be cut in half for the owner of the Times and Sunday Times, the Guardian reported Wednesday.

Pre-tax losses were down 46 percent, at £43.9 million for the year ending June 2007, compared to losses of £81.8 million the year before.

Times Newspapers, a subsidiary of News International, also has improved circulation revenues and cost reductions to thank for the good financial news, according to the Guardian.

The financial turn could mean Times Newspapers is coming out of difficult times. In 2002, losses were at £16.3, but increased five times to more than £80 million in 2006. During this period, the company overhauled its print operations and changed the newspaper's shape to a tabloid, the Guardian reported.