First Half Sales Down, Losses Up at Germany's Constantin Medien
The company's sports division suffered, but its film business was stronger and will profit from the upcoming release of “The Mortal Instruments: City of Bones.”
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.