Costs due to Ticketcorner takeover slow down CTS profit
Due to high costs associated with acquisitions and legal disputes, the ticket distributor CTS Eventim saw its profits slow down. Excluding these one-time items, profits would have risen by one-fifth.
The takeover of the ticket provider Ticketcorner together with the Ringier media group resulted in extraordinary expenses. CTS Eventim also acquired "See Tickets Germany" and is in dispute with the US group Live Nation over a failed cooperation.
The operating profit EBIT increased only minimally to 44.2 million euros in the first nine months, as the German company announced on Wednesday. In the period from January to September, turnover climbed by 13 percent to 372.4 million euros. High-margin sales via the Internet increased by 30 percent to 10.7 million tickets for concerts and sporting events. CTS intends to invest further in this area. The focus will also be on international expansion.
The operating profit EBIT increased only minimally to 44.2 million euros in the first nine months, as the German company announced on Wednesday. In the period from January to September, turnover climbed by 13 percent to 372.4 million euros. High-margin sales via the Internet increased by 30 percent to 10.7 million tickets for concerts and sporting events. CTS intends to invest further in this area. The focus will also be on international expansion.
