Bertelsmann triples net profit
Third-quarter income up to $494 milCOLOGNE, Germany -- German media giant Bertelsmann shrugged off the international economic crisis in the third quarter, tripling its net income to 387 million euros ($494 million).
Consolidated revenue dipped slightly, dropping 0.7% to 11.4 billion euros ($14.6 billion). That decline was due largely to exchange rate effects and portfolio changes. Bertelsmann's sale of its 50% stake in Sony BMG back to Sony was completed in October and thus not included in the third-quarter figures.
"Bertelsmann is strategically well positioned and financially sound, which represents a competitive advantage in the current difficult market situation," company CFO Thomas Rabe said.
Despite this, Rabe is still forecasting a 5%-10% drop in operating EBIT profits for the full year because of the global economic decline.