Newsquest (Herald & Times), publisher of The Herald and Evening Times, has seen profits fall amid difficult conditions in the newspaper market in 2013.
However, the company said it has been boosted in its current year by events which have put Scotland in the global spotlight, chiefly the Commonwealth Games and the independence referendum.
The Glasgow-based business, which also publishes The Scottish Farmer and Sunday Herald, said the rapid growth of its online business was unable to offset a decline in print revenue in 2013.
Its latest accounts show pre-tax profits were booked at £9.2 million in the 52 weeks ended December 29, down from £12 million the year before.
Turnover slid by 5.7 per cent to £53.8 million and operating profit fell to £9.1 million from £12 million as the company took steps to reduce costs and restructure processes to head off weaker revenues.
Managing director Tim Blott said: "Difficult trading conditions in our newspapers business saw a reduction in operating profit last year.
"Our internet operations are rapidly gaining audience and paid-for subscribers, but not enough in 2013 to mitigate the print revenue decline.
"Our magazines division continued to grow, but our printing business saw margins under pressure."
However Mr Blott added: "The Herald and Sunday Herald, both in print and online, have seen substantial and sustained growth in circulation and audience during the Commonwealth Games and more particularly the recent referendum, where we saw print sales rise by up to 110 per cent."
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