Media News - Friday, May 15, 2009

Axel Springer sees significant drop in 2009 earnings

German publisher Axel Springer warned that the coming months would be difficult and said 2009 earnings would decline significantly after it posted a drop in first quarter sales and a slight rise in core profit. 'Due to the crisis-related decline in advertising revenues, we remain cautious and are prepared to face revenues and earnings for the entire 2009 financial year being significantly below the record results of the previous year,' Chief Executive Mathias Doepfner said in a statement on Thursday. Springer had previously only said that it will not be able to reach the results of 2008 due to tough market conditions. Earnings before interest, tax, depreciation and amortisation were up 2.1 percent at EUR 80.3m while sales dropped to EUR 620m on a significant decline in advertising revenue, Springer said. The Berlin-based company, publisher of Europe's best-selling tabloid Bild, said sales would have declined further had it not been for strict cost saving measures and growth in digital media. Net income was EUR 213m after EUR 449.9m a year earlier, when Springer's sales of its stake in ProSieben boosted net profit. (Reuters)

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