US radio, outdoor and entertainment giant Clear Channel Communications posted net income of $238 million (€238m; £151m) in the second quarter, reversing a loss of $237m twelve months before.
The dramatic upturn in earnings partly reflects a change in accounting practices. Using the new guidelines, Clear Channel would have reported income of $104m in Q2 2001.
Revenues dropped marginally from $2.18 billion to $2.17bn, though radio turnover increased 5% to $991m following an improvement in national advertising. For the third quarter, Clear Channel expects revenues from radio to increase by 4% to 6% and sales at its outdoor arm to stay flat.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff