Axel Springer Q3 profits up 10.5%

Company forecasts a net profit for the full year

BERLIN -- Green shoots are starting to show at German media giant Axel Springer, which booked €102.4 million ($153 million) in operating (EBITDA) profits in the third quarter, a 10.5% jump over Q3 2008 according to preliminary figures announced in Berlin Monday.

Sales for the quarter were down slightly, at €622 million ($928 million) against €651 million last year.

Sales and EBIDTA for the full nine months were down from €2 billion to €1.88 billion ($2.8 billion) and from €307 million to €265 million ($395 million) respectively.

Springer CEO Mathias Dopfner is still forecasting a net profit for the year but again warned Monday that the company will not reach last year's record highs -- when Springer earned €571 million on sales of €2.7 billion.

Axel Springer shares were down 3.4% to €71 ($106) in late trading Monday.
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