Independent News earnings dip on advertising volatility

LONDON (Reuters) - Newspaper and communications group Independent News & Media posted a 6.3 percent drop in first-half adjusted earnings per share on Wednesday but said full-year profit should meet consensus forecasts.

The publisher of the Independent newspaper, the Irish Independent and titles in South Africa, Australasia and India, reported diluted EPS before exceptional items of 7.5 euro cents in the six months to end-June from 8 cents a year ago.

Independent News & Media said it was a good performance in a market experiencing tough economic pressures and advertising volatility.

"Assuming a continuation of the first-half advertising trends, INM believes that it will achieve profits in line with consensus forecasts for the full year," Chief Executive Anthony O'Reilly said in a statement.

Revenues in the period slipped 3.7 percent to 780.4 million euros ($1.15 billion), though the group said this was mainly due to adverse currency movements.

The group is seen posting adjusted EPS of 18 cents for the full year, compared with 18.8 cents in 2007, according to Reuters Estimates.

(Reporting by Jodie Ginsberg, editing by Will Waterman)