London, March 9: British media company Mirror Group Plc on Monday reported annual pre-tax profits in line with forecasts but made no comment on its plans for its stake in troubled broadsheet The Independent.The company, best-known for its flagship tabloid The Mirror, said pre-tax pre-exceptional profits rose 12 per cent to 92 million pounds ($151 million), in line with most analysts' forecasts of 89-94 million pounds.
However, the company's earnings statement made no reference to Mirror Group's talks with Ireland's Independent Newspapers Plc, each of which have a 46-per cent stake in the parent company of The Independent and its sister title, The Independent on Sunday.
The Financial Times reported that Mirror had agreed in principle to sell its stake in The Independent's parent company to the Irish firm, which is owned by Tony O'Reilly.
Mirror Group said The Independent's parent, Newspaper Publishing, continued to make losses last year, although Mirrorrecovered much of its attributable loss through its provision of services to the company.
Mirror's 1997 pre-tax profits excluded a 12-million pound charge related to the integration of newly-acquired regional paper group Midland Independent Newspapers.
