Advertising pick-up boosts Bertelsmann
A pick-up in the advertising industry and an improved economy helped push up profits at German media giant Bertelsmann in the first nine months of the year, the firm said on Thursday.
Net profit to September was 259 million euros (356 million dollars), the media giant said, compared to a net loss of 305 million euros in the same period last year.
Meanwhile, sales rose 3.5 percent to 11 billion euros in the first nine months of the year.
"Business at Bertelsmann continues positive," the group said in a statement.
"This development was fuelled by a recovery in the overall economy including an upturn in the advertising industry, long-view cost measures and a brisk business performance both in conventional and digital media," it added.
Bertelsmann, which owns media group RTL and publishers Random House, did not release details for the third quarter.
However, it confirmed its profit forecasts issued at half-year of a group profit of more than 500 million euros for the full fiscal year 2010.
© 2010 AFP