Bertelsmann Revs Down For '08, Sees Tough '09
March 24, 2009 at 5:40 AM (PT)
BERTELSMANN AG TUESDAY reported a drop in 2008 net profit on higher impairment and restructuring charges, reports THE WALL STREET JOURNAL. One of the world's biggest media companies, BERTELSMANN also said it can't provide a specific outlook for current 2009 but expects a tough year with sales and operating profit below 2008 levels.
The privately-owned company said 2008 full year net profit was EUR142 million, down from EUR216 million a year ago.
Revenue fell 0.5% to EUR16.12 billion, while operating earnings before interest and taxes, or EBIT, came in at EUR1.57 billion, down from EUR1.72 billion a year ago. Reported EBIT was down to EUR892 million from EUR1.31 billion a year ago.
BERTELSMANN said sales and EBIT figures have been given on a comparable basis for its continued operations. BERTELSMANN sold its 50% stake in SONY BMG and its DIRECT GROUP operations in NORTH AMERICA in 2008.