Axel Springer with less profit
Axel Springer earned less in the first nine months due to the advertising crisis. Adjusted for special factors such as the sale of shareholdings in regional newspapers, profits amounted to 130.1 million euros.
According to SDA, the Berlin-based media group reported a profit of 165.4 million euros in the same period of the previous year on Wednesday. Without adjustments, Springer reported a net profit of 317 million euros, compared to 560.5 million euros a year ago. Turnover fell by 5.4 percent to around 1.89 million euros.
"In view of the current development of the advertising market, we are maintaining our cautious outlook for the year as a whole," said CEO Mathias Döpfner. In the third quarter, Springer reported an unexpected increase in operating profit of 10.2 percent. Previously, the publisher and its flagship Bild had stated that operating profit and sales in 2009 would be significantly below the record figures achieved in the previous year. Other media companies have also not yet seen an end to the advertising crisis, despite the upward trend in economic indicators. Europe's largest media group Bertelsmann, for example, is threatened with the first annual loss in its history.
"In view of the current development of the advertising market, we are maintaining our cautious outlook for the year as a whole," said CEO Mathias Döpfner. In the third quarter, Springer reported an unexpected increase in operating profit of 10.2 percent. Previously, the publisher and its flagship Bild had stated that operating profit and sales in 2009 would be significantly below the record figures achieved in the previous year. Other media companies have also not yet seen an end to the advertising crisis, despite the upward trend in economic indicators. Europe's largest media group Bertelsmann, for example, is threatened with the first annual loss in its history.
