IPG Posts Q1 Profits Slide

11 May 2006

   NEW YORK - Marketing services conglomerate Interpublic Group has reported a $182.1 million (€143.2m; £97.9m) net loss for the first quarter of 2006 - compared to a $151.4 million loss in the same period last year - on flat revenue of $1.33 billion.
   IPG, whose stable includes Foote Cone & Belding and Initiative, attributed the loss in part to the rising cost of professional fees and salaries.
   Organic revenue grew nearly 5%, due in part to increased spending by existing clients.