Media group Schibsted swings to profit
OSLO (AFP) - Media group Schibsted said Friday it returned to profit in 2009 after slashing 800 jobs, but was cautious for its 2010 outlook as ad revenue is largely dependent on the global economic situation.
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The Norwegian company said it foresaw little improvement in the global ad market, except for classified ads in Scandinavia.
Amid a crisis in the media industry, Schibsted reported a profit of 512 million Norwegian kroner (63.2 million euros, 85.4 million dollars) for 2009 after a loss of 870 million kroner in 2008.
The group also said it saved 1.2 billion kroner last year through a restructuring effort that led to 800 job cuts.
Schibsted publishes the free French daily 20 minutes and its Spanish counterpart 20 minutos, as well as dailies Aftenposten and Verdens Gang in Norway and Svenska Dagbladet and Aftonbladet in Sweden.
On a year-to-year basis, the group's sales in 2009 were down 1.0 percent to 12.74 billion kroner, as the 3.0 percent fall in sales in its newspaper division -- its main business -- was compensated by a 16 percent rise in online media and a 9.0 percent jump in classifieds.
Last Updated (Friday, 19 February 2010 14:32)
