The US media conglomerate, Clear Channel Communications has announced net income of $238 million for the second quarter of 2002.
This contrasts with the loss of $237 million recorded twelve months earlier although the apparent upturn is due largely to a change in accounting practices. Under the new system, Clear Channel would have posted income of $104m in Q2 2001.
Overall, revenues fell slightly from $2.18 billion to $2.17 billion although radio turnover was up by 5% to $991 million. This trend is set to continue with Clear Channel predicting that revenues from radio will increase by 4% to 6% during the third quarter of 2002.
