Daily Mail publisher to cut 1,000 jobs

LONDON, March 23 (UPI) -- General Trust, owners of the British newspaper The Daily Mail, said it would cut 1,000 jobs due to a severe slump in advertising revenue.

The company's Finance Director Peter Williams said the majority of job losses had already taken place, but the number effectively doubles the layoffs the company forecast in November.

From a year ago, considering a 5-month period ending March 1, revenues at the company shrank 12 percent, The Times of London reported Monday.

Revenues are expected to fall further this month, down 24 percent from the company's national newspapers and down 37 percent from about 100 local newspapers, The Times said.

Although revenues have dropped, General Trust projected its profits through the third quarter would be in line with expectations, expecting a pre-tax profit of $272 million this year.