Norwegian media company Schibsted ASA announced its second quarter earnings lower than expected, and stated that its printed classified ads markets would still be impacted by the depressing economy, Reuters reported.

Earnings before interest, tax and amortisation totalled 218 million crowns ($36.25 million) in the period from April to June, down from 365 million one year ago. The figures easily beat the average forecast of 114 million crowns according to a Reuters poll of 10 analysts.

"In Scandinavia, the printed classified ads market is expected to continue to be weak, and this is a market that Svenska Dagbladet, Aftenposten and other print newspapers in Media Norge are particularly exposed to," according to the company in a statement.

With its ad revenues hinged on economic developments, "weak macroeconomic framework conditions will contribute to poorer developments for online operations compared to the levels of the past few years," according to Schibsted, Reuters reported.

The company said it is on track to reach its 1 billion crown profitability plan for 2009 and had a 250 million crown effect in the second quarter.

The company has cut 430 jobs this year. It would keep on making targeted investments and allocate 150 million crowns on organic projects in 2009, Reuters reported.