Basler Zeitung Medien: Loss significantly reduced after job cuts
After a difficult and eventful 2009/2010 fiscal year, Basler Zeitung Medien (BZM) is once again looking to the future with greater confidence. The improved operating performance is attributed to comprehensive cost-cutting measures, which also involved a massive reduction in staff from 908 to 720 full-time positions.
With sales of 323.2 million Swiss francs, an Ebitda of 28.3 million Swiss francs was achieved in the 18-month financial year. The consolidated loss was reduced from 20.9 million in the 2008/2009 financial year to a minus of 2.2 million for the period from July 1, 2009 to December 31, 2010. This was reported by Basler Zeitung Medien in a press release. Extraordinary write-offs meant that it was not yet possible to break even at the end of 2010.
BZM, under Chairman of the Board Moritz Suter and CEO Roland Steffen, is targeting an Ebitda of CHF 22 million in the current financial year, which is now identical to the calendar year, the statement concludes.
