LONDON: Despite a marginal decrease in advertising revenues Britain's Guardian Media Group, publisher of quality national daily The Guardian and Sunday newspaper The Observer, increased profits in its financial year to April 2 by 23.6% to £66.4 million ($123.8m; €97.12m).

Total turnover, however, edged down 0.7%, although the publisher's digital arm Guardian Unlimited increased revenues by 41%.

Circulations in the latest six-month period are up year-on-year, with The Guardian increasing average daily sales by 3.66% to 381,790 and The Observer by 9.48% to 487,307

Said recently appointed GMG chairman Paul Myners: "These are a very satisfactory set of financial results in what have been difficult trading conditions across the media sector in general, and the national and regional press in particular."