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Berlin (pte032/24.02.2003/14:22) - Europe's largest newspaper publisher Axel Springer http://www.asv.de has reported profits in 2002 as the result of a radical cost-cutting programme helping it to survive a downturn in the German media sector.
Earnings before interest, tax and amortisation (ebita) climbed to 110m euros, compared to 33m euros in 2001. The operating result was 63m euros higher than in the previous year (14m euros). In spite of a three per cent decline in turnover to 2.777 billion euros, the publishers managed to return to profits on a net level.
Springer chairman of the board Mathias Döpfner attributed the improvement to cost cuts of up to 137m euros. He said the publishing house had "recognized the difficult market situation early and reacted quickly by reducing costs".
Springer reported its first losses in 2001 when it recorded a net loss of minus 198m euros.
In addition to reducing personnel, the group has withdrawn from several business areas and merged its two dailies 'Berliner Morgenpost' and 'Die Welt'. Two weeks ago Springer sold the publishing group Ullstein Heyne List to the Bertelsmann group.
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