First Half Sales Down, Losses Up at Germany's Constantin Medien
COLOGNE, Germany – Revenue dipped and a slim profit turned into a $3.6 million (€2.7 million) loss at German media conglomerate Constantin Medien, which reported its first half earnings Wednesday.
Sales in the first six months of the year fell 5.7 percent to $265 million (€199.7 million), largely a result of weaker performance by the company's sports divisions. Sports events and marketing operations saw sales fall some 45 percent to $21 million (€16 million) compared with the first half of 2012. This was expected and a direct result of a change in the deal between European soccer body UEFA and Swiss group Highlight Communications concerning the marketing of UEFA's popular Champions League soccer tournament. Constantin Medien holds a 47.3 percent share in Highlight.
Film revenue, in contrast, was stronger, up 7.7 percent at $141 million (€106 million). Constantin expects even better results in the second half of the year, which will see the release of several high profile titles, including The Mortal Instruments: City of Bones, the first entry in a planned teen fantasy franchise.