Blaming a $32.2 million (€36.6m; £22.7m) write-down on the value of interactive investments, Grey Global Group posted a fourth-quarter net loss of $28.6m, dragging its full-year 2001 results $24.4m into the red.
The figures represent a fall from a $19.4m profit the previous year and $3.4m in Q4 2000. Without the charge, Grey’s 2001 total would have been $7.8m profit, with $3.6m in the fourth quarter.
Revenues for Q4 tumbled 13.9% year-on-year to $301.9m, while those for the year slid 2.4% to $1.22 billion.
Data sourced from: AdAge.com; additional content by WARC staff