Bertelsmann triples net profit

Third-quarter income up to $494 mil

COLOGNE, Germany -- German media giant Bertelsmann shrugged off the international economic crisis in the third quarter, tripling its net income to 387 million euros ($494 million).

Consolidated revenue dipped slightly, dropping 0.7% to 11.4 billion euros ($14.6 billion). That decline was due largely to exchange rate effects and portfolio changes. Bertelsmann's sale of its 50% stake in Sony BMG back to Sony was completed in October and thus not included in the third-quarter figures.

"Bertelsmann is strategically well positioned and financially sound, which represents a competitive advantage in the current difficult market situation," company CFO Thomas Rabe said.

Despite this, Rabe is still forecasting a 5%-10% drop in operating EBIT profits for the full year because of the global economic decline.
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