Profit drastically down, Lagardère pessimistic

[khurramdar]

   
Profit drastically down, Lagardère pessimistic    
Written by Pascale Paoli Lebailly  
Sunday, 14 March 2010 10:37
Lagardère Group has announced plunging results for 2009 and remains quite pessimistic for 2010.

Lagardère’s net consolidated income fell 77% last year to â,¬137m (including EADS contribution) vs â,¬593m in 2008, even though consolidated net sales just fell 3.9%. Excluding the contribution from EADS, adjusted net income fell by less than 10% to â,¬324m. Consolidated EBIT before associates dropped â,¬186m to â,¬461m.

Regarding the media pole, net losses passed from â,¬70m in 2008 to â,¬389m last year. Lagardère Active (press, broadcast activities) recorded recurring EBIT before associates reached â,¬15m, against â,¬206m in 2008.

And the situation is unlikely to see much relief this year as the group is expecting a “bad” advertising market, though better than in 2009.

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