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MTL's bus operations made an operating profit last year of £11.8m on a turnover of £68.6m.
Overall, GMG – including the newspaper operation – made an operating loss £54.8m, down from the almost £76m the previous year.
Overall the US operation made an operating loss of £1.7m – but it is expected to return to profitability for the full year to 30 September.
It goes on to record that their joint operation, Independent Star Ltd, made an operating profit of €4.3m (£3.8m) in the year up to 31 December 2010.
When this is stripped out, giving a truer perspective of the day-to-day operations of the business, Express Newspapers made an operating profit of £16.3m last year.
In 1996 the firm made an operating loss of SKr1.4 billion on sales of SKr8.2 billion.
Mr Walsh said that Aer Lingus made an operating profit of €45m since it joined IAG.
That is similar to last year's level, when the newspapers made an operating loss of £34.4m.
It made an operating loss of £28.4m on revenue of £26.5m last year.
In the first six months, Standard Life made an operating profit of £206m.
In 2015-16, Southern Water made an operating profit of £284m, representing 35% of its turnover.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com