Losses have narrowed at multinational media firm (and fiefdom of Lord Conrad Black) Hollinger International, according to full-year results.
The US-based group – which owns such papers as Britain’s Daily Telegraph, the Jerusalem Post and the Chicago Sun-Times – reported pre-tax losses for 2002 of $128 million (€118m; £82m), down from $357m the year before, despite a 12.2% fall in revenues to just over $1 billion.
Almost half Hollinger’s sales come from its British unit Telegraph Group. Here revenues fell 4.9% to £320.7m, though this was less severe than the 8.9% slump in 2001.
Ad revenues at the UK division were down by 7.7% to £211m, while circulation income dipped 0.9% to £93.6m. In spite of such declines, operating income rose from £19.2m to £32.3m thanks to reduced costs.
Data sourced from: MediaGuardian.co.uk; additional content by WARC staff