German publisher Axel Springer says digital drives profits
German publisher Axel Springer said on Wednesday its digital media activities and international newspapers and magazines pushed its profits up in the first quarter and underlined a strong 2012 outlook.
Springer, which publishes Europe's top-selling daily Bild, said net profit jumped 8.8 percent to 68.5 million euros ($88.9 million) in the first three months of the year while sales rose 7.1 percent to 789 million euros.
"The strong profitability of national print media and a significant earnings improvement of digital media led to a 7.5 percent increase" in pre-tax earnings to 136.5 million euros, the company said in a statement.
Chief executive Mathias Doepfner said digital activities now make up more than half of the company's total advertising revenues and one-third of the operating result.
He noted that acquisitions including British online recruiting firm Totaljobs.com had contributed to growth.
The company said that based on the results, it expected a single-digit percentage gain in annual turnover, with a "slight" increase in pre-tax profits.
© 2012 AFP