Axel Springer earns less in the first three months of 2008 than in the previous year
The German media group Axel Springer reported lower net income in the first three quarters than in the same period last year. However, revenue rose by 8.1 percent due to acquisitions.
The German media group Axel Springer, publisher of Die Welt and the tabloid Bild, among others, earned less on the bottom line in the first three quarters than in the same period of the previous year. Adjusted for the profit from the sale of the stake in the television broadcasting group ProSiebenSat.1, net income fell to 133.2 million euros compared to 179.6 million euros, as the group announced on Wednesday according to SDA. Springer-Verlag also has a presence in Switzerland. Among other things, it owns the business magazine Bilanz and the TV magazine Tele.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to EUR 306.6 (294.4) million. Thanks to the acquisitions made in 2007, turnover climbed by 8.1 percent to 1.99 billion euros. "The coming months will pose considerable challenges for the economy as a whole and thus also for the media industry," said CEO Mathias Döpfner. Nevertheless, Springer is sticking to its forecast for the year. Adjusted EBITDA is expected to be significantly higher than the previous year's figure of around 430 million euros.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to EUR 306.6 (294.4) million. Thanks to the acquisitions made in 2007, turnover climbed by 8.1 percent to 1.99 billion euros. "The coming months will pose considerable challenges for the economy as a whole and thus also for the media industry," said CEO Mathias Döpfner. Nevertheless, Springer is sticking to its forecast for the year. Adjusted EBITDA is expected to be significantly higher than the previous year's figure of around 430 million euros.
