Bertelsmann Reports Profit
August 28, 2008 at 5:26 AM (PT)
BERTELSMANN AG said TODAY (8/28) it swung to a first-half net profit as results a year earlier were weighed down by exceptional items, but the GERMAN media company gave a more cautious outlook for its full-year operating performance, writes THE WALL STREET JOURNAL.
Net profit after minority interests for the six months ending JUNE 30th was eu284 million ($420 million) compared with a net loss of eu51 million a year earlier.
In the first half of 2007, BERTELSMANN's earnings were hit by the settlement of copyright claims that arose from its backing of file-sharing service NAPSTER, and a write-down on RTL GROUP's U.K. operations.
The privately owned company said earlier this year it will divest some of its Direct Group operations, including those in NORTH AMERICA and pull out of its music joint venture with SONY CORP., SONY BMG.