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Zurich (pte036/09.04.2003/13:18) - Swiss media group Ringier http://www.ringier.ch has closed the fiscal year 2002 with a positive result, in spite of a general drop in turnover.
Annual turnover fell by 2.8 per cent from 715m euros (SF 1.063 bn) to about 695m euros (SF 1.033bn). The company nevertheless increased its profits from 23.41m euros (SF 34.8m) to 26.36m euros (SF 39.2m).
Ringier attributes the positive result to cost reduction and extraordinary income from the sale of Ringier's share in the Neue Luzerner Zeitung.
"We were able to slightly increase the profitability of our company under difficult circumstances, but we still aren't completely happy with all company areas, " said Martin Werfeli, the company's current COO, soon to become CEO.
The media group reported particularly good developments in central and eastern Europe, where its publishing subsidiaries increased their turnover by 15.6 per cent to 112.75m euros (SF 167.6m). The integration of recent acquisitions "Ceskoslovensky Sport" and "TV Revue" has been completed. The Czech publication "Blesk" increased its distribution by over 25 per cent. Turnover in Asia also increased by 12.5 per cent to 29.7m euros (SF 44.1m).
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