Global holdings company, Interpublic, today announced that first quarter revenues are up 6% to $1.4 billion, increasing for the fourth consecutive period, but profit is still at a loss.
Due to costs associated with the company’s restructuring plan, first quarter net loss was $16.9 million. However, overall the company has seen improvements to its financial situation over the past year. Interpublic’s total debts have recovered to $2.3 billion this quarter, a big improvement from the $3.3 billion debt that was reported this time last year.
Non-US revenue experienced the highest growth, up by 9.2%, worldwide increased by 6%, with domestic revenue reaching a 3.9% growth.
Chairman and ceo, David Bell said: “Performance in the quarter provides further evidence that our turnaround is successfully reaching the end of its initial phase. We remain committed to moving the company through a change process as rapidly as possible. We have made significant strides in the first year, but there is still much work to be done.”
Related Links
