Media company Bertelsmann AG says it swung to a profit of €31 million ($37 million) in the first quarter, and reaffirmed its forecast for improved operating results for the full year, in financ
Media company Bertelsmann AG says it swung to a profit of €31 million ($37 million) in the first quarter, and reaffirmed its forecast for improved operating results for the full year, in financial results released today (May 5).
The profit for the owner of major music company BMG contrasted with a loss of €397 million in the January-March quarter a year ago.
Revenues from the company's businesses, which also include broadcasting and printing services, fell to €3.79 billion ($4.58 billion) from €3.93 billion a year earlier. It said revenues increased 3% after allowing for currency fluctuations and last year's sale of its scientific publisher Bertelsmann Springer.
A change in accounting rules -- ending amortization of goodwill -- also boosted earnings. A year ago, that item led to a €163 million deduction from net profit.
CFO Siegried Luther says in a statement that "we confirm our forecast of a continued improvement in operating results for the full fiscal year."
Full-year operating profit last year was €1.123 billion ($1.358 billion), a figure that excludes financial items such as interest and taxes. The company had an operating profit of €111 million ($134 million) in the latest quarter, versus an operating loss of €75 million ($91 million) a year ago.
The company didn't break out results by division.
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