Additional cost reductions Aftenposten

Schibsted ASA (SCH) , Published 13/08/2002 15:10:23

Aftenposten has the past few years initiated and implemented significant cost reductions in order to counteract the effect of a stagnation and reduction in revenues. Based on the development the first half-year 2002, with a decline in advertising revenues of 13%, and uncertain expectations to advertising revenues in the coming years, Aftenposten needs on a long term to improve operating results. Consequently Aftenposten has decided to implement further procedures and cost reductions designed to improve the product and operating results.
A more detailed statement concerning the new program and new financial goals will be given in the second half of 2002.
Managing Director Olav Mugaas, Aftenposten, tel. +47 2286 3512.
Oslo, 13 august 2002
Trond Berger