The newspaper group fell into the red in the first six months of 2009 – a result of a massive drop in advertising revenues, reports MediaGuardian.
The group has reported a pre-tax loss of €48.5 million (approximately £42.7 million) for the six months to the end of June – compare this with last year’s profit of €96.8 million (£85.2 million) – and cited the costs of reducing staff, writing down the value of its newspaper titles and other ‘exceptional items’.
Advertising revenues for the group fell by 25.8 per cent from the last report to €608.8 million (£535.6 million).
- Mail Online helps DMGT to significant increase in digital revenue
- Northcliffe’s operating profits drop 81 per cent
- Johnston Press’ ad revenues feel effects of recession
- paidContent.org (via Washington Post): Online newspaper revenues fall 2.9 per cent at end of 2008 – drop predicted for 2009
- Online revenues up for Independent and Johnston Press, but print ads fall