Bertelsmann bathed in red ink
EmptyBertelsmann booked a €78 million ($107 million) loss for the first quarter as the global economic crisis battered the German media giant. Sales were €3.5 billion ($4.8 billion), down from €3.8 billion a year earlier.
The only thing moving up at Bertelsmann is debt, which increased €100 million to €6.7 billion. To help with liquidity, the group has issued €750 million in bonds since the beginning of the year.
For the full year, Bertelsmann expects lower revenue and profits but declined to supply a detailed forecast, saying the extent of the drops will depend on the intensity and duration of the economic downturn. (partialdiff)