European newspaper company MeCom posted a 64 per cent dip in its bottom-line for the last fiscal. The group reported a net profit of €23.3 million for the year ended on December 31, 2009.

Net income of the company was at €66.4 million in the previous financial year.

Sales of the company, managed by erstwhile Chief Executive of Mirror Group David Montogomery, dropped to €1.46 billion from €1.77 billion in the year-ago period.

However, the results announced by the company was still better than the market expectations as the company managed to save nearly €140 million by its cost cutting measures and nullified close to 75 per cent of the losses that surfaced due to drop in sales.

One of the measure reasons for the company, which owns nearly 30 newspapers and 200 websites in Netherlands, Norway, Poland and Denmark, was a sharp decline in advertisement revenues. The same for the group dropped 18 per cent.

The company also unveiled its ambitious online plan during the occasion. As per it, MeCom aimed at increasing its digital revenue by almost 50 per cent to €100 million from existing €67 million in the next three years.