The global financial crisis was felt by Norwegian media group Schibsted, which on Friday announced a profits decline in the third quarter, as advertising revenues decreased by 3 percent year-over-year, RTT News reported.

Net income in the third quarter totalled NOK 25 million (€2.87 billion), down from NOK 52 million (€5.98 billion) in the same quarter last year. Net income attributable to majority interests dropped to NOK 11 million from NOK 18 million last year. Earnings per share were NOK 0.16, compared to NOK 0.26 in the same period in 2007. Adjusted earnings per share fell year-over-year to NOK 0.51 from NOK 1.72.

Quarterly operating revenues increased to NOK 3.182 billion from NOK 3.179 billion in the third quarter last year. Advertising revenues slipped three percent, while circulation revenues stay flat.

According to Schibsted, the financial crisis negatively impacted its operating revenues, particularly in the latter half of September. Print classifieds have been especially harmed, RTT News reported.

In Spain, operating revenues from print publications plummeted by 54 percent. Between five to 10 percentage points of the decline stemmed from the closure of titles. In addition, Schibsted has decided to terminate all its Spanish print classified advertising operations from November 2008, which would generate about €10 million in restructuring costs, €7 million of which would be due to a reduction of 217 employees. Restructuring costs would be expensed in the fourth quarter, according to RTT News.

During the first nine months of this year, net income totalled NOK 1.11 billion, or NOK 16.19 per share, versus NOK 596 millio,n or NOK 7.69 per share, in the same period last year. Adjusted earnings per share were NOK 6.46, up from NOK 6.85, while operating revenues boost to NOK 10.20 billion from NOK 9.98 billion year-over-year, RTT News reported.