Revenues at German-based media giant Bertelsmann were hit by tough markets in the US and the weakness of the dollar, according to the group’s first quarter financial results.
Overall revenues fell by 8.5% to €3.9 billion and the group slipped into an operating loss of €58 million, down from a profit of €20 million in Q1 2002.
Pre-tax loss came in at €306 million, substantially down from last year’s healthy pre-tax profit of €2.8 billion. This collapse was partly due to a boost in Q1 2002’s figures by the sale of Bertelsmann’s 50% stake in AOL Europe (see Bertelsmann Still On Track For IPO Despite Fall In Earnings).
Bertelsmann’s chief financial officer, Siegfried Luther, says that the results are in line with expectations and he is sticking to the 2003 targets of achieving operating earnings above 2002 figures (see Bertelsmann Sees Earnings Jump In 2002).
