Bertelsmann triples profit boostedby Clinton autobiography

8th September 2004, Comments 0 comments

8 September 2004, GUETERSLOH - Giant German media group Bertelsmann reported Wednesday that it tripled its operating profits to EUR 596 million in the first half of 2004, boosted by sales of Bill Clinton's autobiography. The company said higher sales at its music and television units, combined with consolidation, fuelled the surge in earnings, which compared with EUR 186 million earnings before interest and tax (EBIT) in the first half last year. The earnings came on revenues of EUR 8.1 billion, up 3.2 pe

8 September 2004

GUETERSLOH - Giant German media group Bertelsmann reported Wednesday that it tripled its operating profits to EUR 596 million in the first half of 2004,  boosted by sales of Bill Clinton's autobiography.

The company said higher sales at its music and television units, combined with consolidation, fuelled the surge in earnings, which compared with EUR 186 million earnings before interest and tax (EBIT) in the first half last year.

The earnings came on revenues of EUR 8.1 billion, up 3.2 percent, Bertelsmann said. Adjusted for portfolio and currency effects, revenue growth was a slightly higher 4 percent.

Bertelsmann's Random House publishing offshoot published Bill Clinton's autobiography, "My Life" and Dan Brown's adult fiction "The Da Vinci Code". Random House's sales increased by 9.5 percent to EUR 818 million in the first half 

"The BMG music divisions recorded music triumphs and RTL Groups excellent business performance made an essential contribution to this rise in earnings," a Bertelsmann statement said, adding that Arvato and Random House had "strongly increased their operating results".

The company meanwhile is on the lookout for new investment chances, company chairman and chief executive officer Gunter Thielen said in a statement.

"Our recent consolidation efforts are paying off, and we are back on a growth track. Bertelsmann is steadily increasing its scope for investments to strengthen our core businesses and expand in new growth markets," he said "We will pursue appropriate opportunities when they become available."

With the "very encouraging" first-half results, Bertelsmann reconfirmed its full-year targets, chief financial officer Siegfried Luther said.

"We remain confident for the full fiscal year 2004 and continue to expect a year-on-year improvement in operating results," he said.

DPA

Subject: German news
 

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