US radio and outdoor mammoth Clear Channel Communications has reported a slide in earnings for the first quarter despite a slight rise in revenues.
The group posted profits of $71 million (€63m; £44m), down from $90.3m in Q1 2002 (though this result was boosted by a pre-tax gain of $28.2m). Revenues climbed from $1.7 billion to $1.78bn.
Clear Channel’s outdoor unit reported the strongest growth, with revenues jumping 22% to $451m, in part due to acquisitions. Revenues at its radio division rose a more modest 1.6% to $795m, and that largely thanks to the purchase of four stations from the Ackerley Group.
Data sourced from: AdAge.com; additional content by WARC staff