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Zurich (pte029/19.03.2003/13:26) - Swiss publishing group Tamedia http://www.tamedia.ch has been closely affected by the recent recession on the advert market.
Although the company was able to recover from losses of SF 11.8m and achieve a positive result of SF 35.6m last year, earnings before interest and taxes fell 77.8 per cent to only SF 17.6m in 2002. Turnover dropped 15 per cent to SF 640.3m.
Tamedia attributes its poor results to the 40 per cent slowdown in job adverts in German-speaking Switzerland. Commercial ads have dropped by 7 per cent.
All areas considered, including the failed TV3 television project, Tamedia achieved a group result of only SF 20.2m. Dividends per share have, however, remained at SF 1.5. The ebitda margin was 11.2 per cent, compared to 19.3 per cent the year before. The company reports that liquidity remains high.
Tamedia recorded its highest turnover in the "Newspaper" section, where revenues fell 23 per cent to SF 401.2m. The "Magazines" section posted a turnover of SF109.7m (minus 12 per cent).
Tamedia publishes the Tages-Anzeiger and runs TV and radio stations, including TeleZuir, Radio 24 and Radio Basilisk.
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