The Schibsted consolidated accounts for 1Q 2000 were approved at the Schibsted Board Meeting held today.

Statement – March 31, 2000
The Schibsted Group recorded first quarter operating profits of NOK 138 million, against NOK 20 million in the same period last year. The sharply improved performance was due to higher underlying earnings on core activities and gains from sales in the Multimedia business area.

The level of traffic on internet sites controlled by Schibsted, or where the company has ownership interests, continues to rise. The number of users increased from around 10 million last December to 11.5 million in March, indicating that Schibsted is continuing to consolidate its position as the leading Nordic media group in the internet area.

Kjell Aamot, President and CEO, Schibsted ASA, has the following comment to the accounts:

”The first quarter showed encouraging improvement in results compared to first quarter 1999.

The improvement is due to higher earnings for the established media and strong revenue growth within multimedia. During the quarter gains have been realised within multimedia.

The quarterly result represent a strong start to the year and a positive development compared to 1999 is expected to continue throughout the year even though the strike in the private sector represent a substantial loss for for the Group in the second quarter.”

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http://reports.huginonline.com/781088.pdf

For full press release including tables, follow the enclosed link.