Johnston Press has written down the value of its local newspaper portfolio by almost half, leading to a £184m pre-tax loss.
The company said on Thursday that it had taken a £217m impairment charge on the titles, about 46% of their value, with an additional £7m writedown on the value of its printing presses.
By mid-afternoon the newspaper group, which owns i, the Scotsman and the Yorkshire Post, has seen its share price fall to an all-time low, down almost 16% since trading opened.
Revenue for the first half of 2016 on an adjusted basis was £114m, down almost 10% from £126m in the first six months of last year. Operating profits, also on an adjusted basis, were £22m, down more than 15% from £26m in the same period of 2015.
The falls in revenue and profit were primarily down to declines in print, with newspaper advertising down more than 10% over the six months.