DUBLIN: Fledgling station UTV Ireland has increased its estimates for losses for a third time in less than a year, and now predicts it will post losses of £11.5m (€16.2m) in 2015 — its maiden year of operation.
It means the date UTV Ireland will start turning a profit could be delayed further.
Shares in UTV Media — the Belfast-based TV and radio operator — slumped by over 8% to €2. The shares have slid by almost 15% since it launched the station at the start of the year.
UTV also advised that it had increased its lending covenants with its lenders.
