Lagardere media group warns again on profits

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French media group Lagardere warned on Tuesday that its 2011 profits would fall by much more than first expected because of a volatile environment, sparking heavy losses in the company's shares.

Lagardere said it approached the end of the year "with prudence given an overall environment which is very volatile," cutting its core media business operating profit forecast for the year, now expected to fall 5-12 percent.

In August, the company had warned that media operating earnings could be down 5.0-7.0 percent after net profit slumped 65 percent in the first half.

The company's shares plunged more than 7.0 percent in midday trading on a Paris market which was up 1.58 percent.

© 2011 AFP

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