Axel Springer: 2Q results up
By Leah McBride Mensching, Wednesday 8 August 2007 at 22:07 :: Newspaper Data - General :: #381 :: rss
Thanks to an increase in advertising revenue and new publications, second quarter profits are up, the German newspaper and magazine publisher Axel Springer announced Wednesday.
Profit in April – June rose to 44.9 million euro, versus 44.2 million euro for the same period last year, the Berlin-based publisher of newspapers Bild, Die Welt and Sport Bild said. Sales for that quarter are also up, now at 617.3 million euro, a two percent increase from last year.
The company's shares rose more than three percent to 135 euro in Frankfurt.
Chief Executive Mathias Deopfner has made it a priority to expand online and on the airwaves, which has drawn more advertising revenue than traditional newspapers.
“Our goal is clear. We intend to further develop Axel Springer as a leading European, multimedia-integrated print, online and TV company,” he is quoted as saying in an Associated Press article.
Axel Springer earned 88.8 million euro in the first six months of 2007, compared with 111.4 million euro in the first six months of 2006. The gap in earnings is due to a one-time gain of 22.4 million euro last year related to an interest-rate hedging transaction, the AP has reported.
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