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Axel Springer Set for First-Ever Loss

News, 23 August 2001

Europe’s largest newspaper and magazine publisher Axel Springer Verlag is expected to announce today the first loss in its history, say insiders.

Word is that Springer’s figures for the half-year to June 30 could pave the way to a full year loss as high as E10 million ($9.1m) compared with 2001 when it posted a profit of E98m ($89.4m), itself 30% below the group’s 1999 performance.

A Springer spoke declined to comment on the rumor, saying that the group preferred to wait until the figures were released, although it did not deny the report.

News source: Handelsblatt (Germany)