Bertelsmann books $107 mil loss in Q1
Full year expectations for fall in revenue and profitsCANNES -- Bertelsmann booked a €78 million ($107 million) loss in the first quarter as the global economic crisis battered the German media giant. Sales in Q1 were €3.5 billion ($4.8 billion), down from €3.8 billion a year earlier.
The only thing moving up at Bertelsmann is debt, which increased €100 million to €6.7 billion ($9.2 billion). To help with liquidity, the group has issued €750 million ($1 billion) in bonds since the beginning of the year.
Full year, Bertelsmann expects a fall in both revenue and profits but declined to give a detailed forecast, saying the extent of the drop will depend on the intensity and duration of the economic downturn.