Sales up, profits down at EM.Sport Media
Highlight results now included in EM figuresCOLOGNE, Germany -- The full consolidation of Swiss media group Highlight Communications boosted sales but demolished profits at Germany’s EM.Sport Media.
EM reported third quarter revenues of 109 million euros ($141 million), more than double the figure for Q3 2007 but racked up losses totaling $164 million, compared with a $1 million profit over the same period last year
The revenue jump was almost entirely due to Highlight, whose results were fully included in EM’s figures for the first time. Impairment losses of some $114 million connected to EM’s acquisition of a 47% stake in Highlight were the main reason the company’s quarterly figures slipped negative.
Through Highlight, EM is an indirect shareholder in leading German producer/distributor Constantin Film. Highlight holds nearly 98% of Constantin shares. To reflect this, EM has decided to change the company’s name to Constantin Medien.