Time Inc. UK pretax profit nearly doubled

While Time Inc. has been hit by declining revenue and earnings on the domestic front, its UK subsidiary seems to be holding up a little better.

The unit, formerly known as IPC Media before it was rebranded last month as Time Inc. UK following the spinoff from Time Warner, reported that pretax profit nearly doubled, to $34.6 million last year, even though revenue fell 7 percent, to $372.59 million.

The latest figures were filed with Companies House, the British financial clearinghouse where all companies send their results.

The UK division said it took a charge of about $10 million for reorganization costs.

Net profit was actually down 75 percent, to $18.32 million, because of a $39.9 million write-down on the value of the company's assets.

The company also said that its head count declined slightly, to 1,676 employees, from 1,760 at the end of 2012.

The company's 50 percent joint venture in European Magazines Limited, whose primary function is publishing a Chinese edition of Marie Claire, posted profits of $339,334, up from $310,394 a year earlier.

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