The Schibsted consolidated accounts for the period January 1 to March 31 were approved at the Schibsted Board Meeting May 11, 1999.
The Group’s revenues for the first three months of 1999 were NOK 1 822 million, an increase of 21 % or NOK 317 million compared to the same period in 1998. The operating profit was NOK 20.2 million compared to NOK 170 million in 1998.
The result is impacted by reduced advertising revenues, losses in new subsidiaries and start-up problems at the new printing plant in Oslo.
Net financial items showed a loss of NOK 19.2 million compared to a gain of NOK 5.4 million in 1998.
The pre-tax profit was NOK 1.1 million compared to NOK 175.9 million for the same period in 1998. Due to significant permanent differences the tax expense contributes to a loss for the quarter of NOK 8.3 million.
Key figures for year-to-date 1999 and corresponding figures for 1998 are:
(NOK mill.) 31.3.99 31.3.98
Total revenues 1 822.1 1 505.4
Operating profit 20.2 170.5
Net financial items (19.2) 5.4
Pre-tax profit 1.1 175.8
Net profit/loss (8.3) 114.8
EPS (NOK) (0.12) 1.66
CFPS (NOK) 1.92 2.78
Schibsted’s accounts on Internet
Please note, both the first quarter results and the teleconference presentation will be available on:
· Schibsted’s web site: http://www.schibsted.no/corporation/annual
· HUGIN Online http://www.huginonline/SCH/index_e.shtml
For full report with tables, follow the enclosed link