Independent News & Media posted a 37 percent decline in operating profits for the year ending October 23 as compared to the same period in 2008, but says advertising losses have tapered off, The Guardian reported Thursday.

Following the performance report, the Ireland-based publisher announced that it had secured a two-month extension of its outstanding loans,arranged to safeguard the newspaper's future, The Guardian reported Friday.

Meanwhile, Business World reported Tuesday that profits of Jagran Prakashan Limited, in which INM has a 13.5 percent stake, spiked 84 percent in the most recent fiscal quarter due to a surge in ad revenue.

During the period, JPL launched another City Plus site in Vashi, Navi Mumbai, bringing the total to 18. Also, JPL's Web portal, commonly known as "Yahoo! Jagran," had 1.07 million unique users in September.

(*Note: INM's CEO, Gavin O'Reilly, is also president of the World Association of Newspapers and News Publishers' executive committee and board).