No more red ink for publishing titan Axel Springer, which returned to profit last year despite ongoing German ad weakness.
Europe’s biggest newspaper firm revealed it would post an as yet unspecified net profit for 2002 after falling to a €198 million ($213m; £134m) loss in 2001.EBITDA (earnings before interest, tax, depreciation and amortization) rose from €33m to €110m.
Such recovery comes despite a 3% dip in sales to €2.78 billion. Springer has benefited from a major belt-tightening programme, with costs cut by €137m last year.
Data sourced from: Financial Times; additional content by WARC staff