German publisher Springer profits up 10.5%

3rd August 2011, Comments 0 comments

German publishing group Axel Springer said Wednesday that it made an operating profit of 288.7 million euros ($410 million) in the first half of the year, up 10.5 percent.

Springer's sales increased 11.8 percent to 1.52 billion euros, a statement said, though when adjusted to take account of acquisitions, the rise was a more modest 4.2 percent.

"The group was able to more than compensate for slightly declining revenues of national print media through strong growth in digital and international media," it added.

Springer confirmed its full-year forecast for sales growth of under 10 percent.

The group said the main sources of growth in the first six months of the year were "revenue increases of 53.4 percent in international print media and 30.3 percent in digital media."

Those two sectors accounted for almost 40 percent of the publisher's operating profit, chief executive Mathias Doepfner was quoted as saying.

© 2011 AFP

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