German publisher Springer posts stable Q1 profit
German group Axel Springer, Europe's biggest newspaper publisher, said Wednesday that its first quarter net profit was stable and that annual sales would grow by less than 10 percent.
Springer reported net profit of 63 million euros ($91 million), compared with 62.3 million in the first three months of 2010.
The group's board "continues to expect a single-digit percentage growth in revenues in the 2011 financial year," a statement said.
"It anticipates a slight decline in revenues generated by the German print activities, which will be over-compensated by growth in the Print International and Digital Media segments," it added.
Sales in the first quarter gained 11 percent to 736.7 million euros, with the group noting that international activities now account for 30 percent of the total.
German newspaper sales slipped by 3.3 percent on the year, but digital operations posted a gain of 26.3 percent and international publications turned in an even stronger increase of 57.7 percent.
German newspapers owned by the group, including the dailies Bild and Die Welt, remain the most profitable division for now however, even though advertising revenue has declined and paper costs have climbed.
© 2011 AFP