Bertelsmann slips into the red in the first quarter
For the first time in quite a while, the German media giant has reported a quarterly loss: Consolidated net income fell by over 100 million euros to minus 78 million euros.
The German media group Bertelsmann recorded a loss in the first quarter of 2009. Consolidated net income fell from plus 35 million euros in the previous year to minus 78 million euros. Earnings before interest and taxes (EBIT) fell from 255 to 98 million euros; the operating result slumped from 253 to 115 million euros. The company's turnover fell by 246 million euros to 3.527 billion euros.
Bertelsmann points to the global economic crisis and the consequences of the decline in advertising and consumption as the reason for the slump in profits. In addition, the previous year's quarter was very strong because it included the advertising-intensive Easter holidays.
Bertelsmann points to the global economic crisis and the consequences of the decline in advertising and consumption as the reason for the slump in profits. In addition, the previous year's quarter was very strong because it included the advertising-intensive Easter holidays.
