Media group Daily Mail & General Trust has said it remains "cautious" after seeing its UK advertising revenue fall in April and May.
Pre-tax profits for the six months to April at the owner of the Daily Mail newspaper were in line with expectations at £73m.
But the company warned that the uncertain economy could continue to affect advertising revenue.
Shares fell more than 6% on the news before recovering by mid-morning.
The fall in advertising revenue was partly offset by strong growth in business-to-business sales, which helped overall operating profits rise 3% to £144m.
As well as publishing newspapers, the firm organises trade fairs and provides financial information and risk management services.
Revenue from national newspapers - including the Daily Mail - fell by 3%, but the division saw a rise in profits thanks to cost-cutting and staff reductions.
Regional newspapers saw a sharper fall in revenue - down 9% - as recruitment advertising continued to be weak because of the fragile UK economy.
"We remain cautious about the outlook for the full year due to the volatile and uncertain market conditions faced by our UK consumer business," said chief financial officer Stephen Daintith.