UK paper the Evening Standard lost £28.3m before tax in the first ten months of trading under billionaire Alexander Lebedev.
According to the Telegraph in the UK, the accounts filed included a £9.9m exceptional cost incurred for converting the formerly paid-for paper into a free-sheet.
When Mr Lebedev bought the Standard for £1, it was making estimated losses of £20m a year. The current loss under Mr Lebedev is a setback to reports the Evening Standard was reducing losses as a free-sheet, and would break even by 2012.
Peter Preston, writing in The Observer, claimed that in June the Evening Standard was on the brink of breaking even, with a cost of £1.1m to produce the paper over a week, and advertising revenue bringing in an equal £1.1m.
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London Evening Standard
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losses
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Alexander Lebedev