BZM: Matthias Hagemann expects to be back in the black in 2010
Basler Zeitung Medien AG (BZM) will end the current 2008/09 fiscal year with a loss. However, Matthias Hagemann, chairman of the board of directors, expects the company to return to profitability as early as 2010.
Basler Zeitung Medien AG (BZM) will close the current 2008/09 financial year with a loss. However, Chairman of the Board of Directors Matthias Hagemann expects to be back in the black by 2010. BZM closed the 2007/08 financial year with a profit of CHF 7 million on sales of CHF 281.6 million. The next financial statements, which are to be presented at the end of August, will reflect the twelve worst months of all time. The result will be red, said Hagemann in an interview published in the Handelszeitung on Wednesday according to SDA.
However, the publisher of Basler Zeitung expects to return to the black in 2010, even if the coming year is even worse. Hagemann intends to achieve this with "massive cost-cutting measures" amounting to around 20 percent of total expenditure, which should have an impact in 2010.
In the interview, Hagemann did not give any concrete details about future cooperations of the Basler Zeitung, which have been the subject of speculation for some time. The publisher does not rule out the possibility of a domestic or foreign partner, and talks are underway. The purchase of a jacket section for BaZ has also become a real option for Hagemann if further savings have to be made. "Independence in the sense of splendid isolation is over," the BZM Chairman of the Board of Directors states.
However, the publisher of Basler Zeitung expects to return to the black in 2010, even if the coming year is even worse. Hagemann intends to achieve this with "massive cost-cutting measures" amounting to around 20 percent of total expenditure, which should have an impact in 2010.
In the interview, Hagemann did not give any concrete details about future cooperations of the Basler Zeitung, which have been the subject of speculation for some time. The publisher does not rule out the possibility of a domestic or foreign partner, and talks are underway. The purchase of a jacket section for BaZ has also become a real option for Hagemann if further savings have to be made. "Independence in the sense of splendid isolation is over," the BZM Chairman of the Board of Directors states.
