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TV3 posts profit of over €7.4m

TV3 has posted a net profit of just over €7.4m thanks to a one-off gain from buying back of its own debt from Anglo Irish Bank.

New accounts for the broadcaster's holding company Tullamore Alpha showed an exceptional gain of €8.9m in 2013 from the buyback.

The company faces competition from UTV's new channel next year. It reported a 19pc fall in operating profit to €1.1m while turnover fell to €55.9m in 2013.

A fourth consecutive year of growth took earnings to €6.6m.

"We'll take growth over recession every time," TV3 boss David McRedmond (left) said.

The advertising market was improving, he said, with agencies upbeat for 2015.