UTV have announced a pre-tax profit of £1 million in the first half of this year - compared with £10 million for the same period in 2014.
The reduced figure can largely be attributed to the launch of the company's southern station UTV Ireland, which lost £7.5 million since it began broadcasting in January.
Chairman Richard Huntingford said results reflected the challenges of establishing the new television channel.
"Less evident, but not to be lost sight of, is the inherent value created by the establishment of a mainstream television channel in Europe’s fastest growing economy, with long term licensing, programme supply and infrastructure in place," he said.
Mr Huntingford added that "teething issues", including the re-tuning of domestic digital receivers, had added to "audience underdelivery".
Earlier this week, UTV confirmed it was in talks to sell its television assets. The company said that turnover in its northern television business was down by 2% due to an 11% decrease in advertising revenue.
This decrease was the result of a "significant cut" in advertising spending by government departments in the north.
UTV said this trend is set to continue and is "expected to create a drag on Northern Ireland television advertising" in the third quarter.
Mr Huntingford said the company is implementing an action plkan that includes "stronger domestic programming, more effective marketing and a better defined branding strategy."
