Earnings soar at Bertelsmann
EmptyBertelsmann has posted a slight drop in revenue and a steep jump in profit in the first half as new boss Hartmut Ostrowski continues to trim the German media conglomerate of loss-making businesses.
Bertelsmann had revenue of €7.6 billion ($11 billion) in the first half, down 1.3% over the same period last year. But net profit was up almost sevenfold to €372 million ($550 million).
Two of the company's more troubled operations — its 50% stake in Sony BMG and Bertelsmann's DVD and book club businesses in North America — together lost about €70 million ($102.9 million) in the first half. Ostrowski already has announced that both divisions will be sold. (partialdiff)