Bertelsmann AG Reports Down Profits
November 8, 2006 at 5:58 AM (PT)
BERTELESMAN AG announced that profit in the first nine months of the year almost halved because of income tax expenses and one-time items including a legal settlement over NAPSTER.
Net profit fell to EU 243 million (US $309.9 million) in the nine months through SEPTEMBER compared with EU 475 million a year earlier. The company did not provide quarterly figures. Sales rose 10.3% to EU 13.54 billion (US $17.27 billion).
The decrease in earnings was the result of tax expenses along with special items, including a EU 48 million (US $61.2 million) settlement with UNIVERSAL MUSIC GROUP over a lawsuit involving the former music file-sharing platform NAPSTER.