Sales Down, Losses up at Germany's Constantin Medien
2010 was a "challenging year" says Chairman.
COLOGNE, Germany - Revenue at German group Constantin Medien dropped 8 percent last year to $663 million (€470.3 million) in 2010 and earnings turned bright red - losses attributable to Constantin shareholders were $16 million (€11.4 million) - after what management board chairman called a "challenging year."
Constantin - which controls German mini-major Constantin Film, sports rights group Team and holds a 47 percent stake in Switzerland's Highlight Communications - was hit by a sharp drop in film and TV revenues, which dropped 14.2 percent to $340 million (€241.2 million). In Germany, Constantin had a disappointing year at the box office, in particular with its high-profile but low-performing local language vampire film We Are The Night. TV operations were squeezed by German networks tightening commissioning budgets in the wake of the financial crisis.
For full year 2011, Constantin is forecasting a slight improvement, expecting overall revenue to come in between $663 million - $691 million (€470 million - €490 million) and to cut group losses to between $8.5 million - $9.9 million (€6 million - €7 million).