Axel Springer increases profit and sales
The success of its international and Internet businesses has given the German media group Axel Springer a strong boost in profits and sales. Net income in the third quarter rose from 49.7 to 87.3 million euros compared to the previous year.
Revenues rose from 631.4 million euros to 711 million euros, as Axel Springer announced on Wednesday according to SDA. Axel Springer benefited from the joint venture with Ringier in Eastern Europe. The two media companies have been operating jointly there since July 2010 - Axel Springer therefore recorded a 55.8 percent increase in revenues in Eastern Europe in the third quarter. Calculated over nine months, revenues in this segment rose by 19.4 percent. Without the joint venture with Ringier, Axel Springer's revenues in Eastern Europe would have grown by only 5 percent.
The German media group grew by 16.9 percent to 162.5 million euros, not only in Eastern Europe, but also in international newspapers in general. In Switzerland, various TV program guides as well as Bilanz, Handelszeitung and Beobachter, among others, belong to the German publishing house. The media group is confident for the year as a whole: Axel Springer expects an operating profit before taxes in the order of the record figure from the 2008 financial year.
The German media group grew by 16.9 percent to 162.5 million euros, not only in Eastern Europe, but also in international newspapers in general. In Switzerland, various TV program guides as well as Bilanz, Handelszeitung and Beobachter, among others, belong to the German publishing house. The media group is confident for the year as a whole: Axel Springer expects an operating profit before taxes in the order of the record figure from the 2008 financial year.
