UTV Media has declared a 10% drop in turnover from £60.9m to £54.5m for the first six months of 2009.
There was a 23% reduction in television advertising revenue, with business from the Republic of Ireland down by 40%.
The company said that disposal of loss making radio assets and cost-cutting helped to mitigate the effect of falling advertising revenue.
As a result, while revenue fell by £6.4m, group operating profit was only down by £4.4m to £11.0m.
Pre-tax profit was £7.8m compared to £11.2m in the same period in 2008.
John McCann, chief executive of UTV media, said it has been a "challenging six months".
"However, our results demonstrate the resilience of the business," he said.
"Over the last six months we have actively sought to reduce costs and reduce our debt.
"It is difficult to give a detailed outlook because of continuing macroeconomic uncertainty, nonetheless we are expecting the rate of decline in advertising to slow as comparatives ease over the coming months."