AMSTERDAM — Dutch publisher PCM reported on Thursday a net profit of EUR 8.7 million last year in comparison with a EUR 9 million loss in 2002.

But the company — which publishes newspapers De Volkskrant, NRC Handelsblad and Algemeen Dagblad — also said its turnover declined 6.9 percent to EUR 649.7 million, news agency ANP reported.

PCM said its turnover was hit by a fall in advertising revenue — a trend noticed across the entire newspaper industry.

Total advertising revenue in the newspaper and home delivery classified magazine industry fell last year by EUR 44.3 million or 18.4 percent.

PCM laid off 601 workers or 16 percent of its staff last year as it underwent a massive reorganisation, public news service NOS reported.

The publisher also jettisoned Amsterdam newspaper Het Parool and house-delivered magazine Weekmedia and moved its headquarters to a cheaper Amsterdam location.

Due to ongoing poor market circumstances, the PCM board of directors refused to issue a forecast for the coming year. Despite this, it said there were signs of an economic recovery at hand.

[Copyright Expatica News 2004]

Subject: Dutch news