The Schibsted consolidated accounts for the period January 1 to September 30, 1998 were approved at the Schibsted Board Meeting November 5, 1998.
The Group’s revenues as of the 3rd quarter 1998 amounted to NOK 4,707 million, an increase of 22%, or NOK 833 million compared to the same period last year. Of this increase NOK 260 million is related to the consolidation of newly acquired subsidiaries. The operating profit was NOK 334 million, compared to NOK 487 million for the corresponding period in 1997.
The result is positively impacted by higher advertising revenues for the newspapers, improved results in the TV/Film business area and the sale of the property at the printing plant at Linderud and negatively impacted by provisions for early retirement in connection with the new printing plant, increased losses within the Multimedia business area, increased cost levels in the newspapers and the consolidation of Svenska Dagbladet and Eesti Meedia.
Key figures for year-to-date 1998 and corresponding figures for 1997 are:
(NOK MILL.) 30.9.98 30.9.97 Change
Total revenues 4 707,0 3 874,3 21.5%
Operating profit 334,3 486,5 - 31.3%
Net financial items (12,3) 82,6 -
Profit before taxes 325,9 567,9 -42.6%
Net profit 228,1 403,2 -43.4%
EPS (NOK) 3,29 5,82 -
CFPS (NOK) 7,84 7,68 2.1%