The Telegraaf Media Groep, which publishes the Telegraaf and Metro newspapers as well as owning Sky Radio and shock blog GeenStijl, posted a loss of €38m last year.

Income was down €27.5m to €514m because of falling income from sales and advertising. Chief executive Geert-Jan van der Snoek said the company, which is listed on the Amsterdam stock exchange, had a difficult year and cost-cutting had not been able to offset the reduction in income.

TMG’s flagship Telegraaf newspaper, the biggest circulation paper in the Netherlands, went tabloid last year. A 71% rise in digital subscription income and a 44% increase in combination subscriptions was unable to offset the decline in the physical paper, Van der Snoek said.

Further cost-cutting is unavoidable and more jobs will go, he said. Last year, TMG reduced its workforce by 200 to 2,260.