BERLIN (Reuters) - German publisher Axel Springer reported a 17 percent rise in first quarter core profit, helped by its online classified ads, which more than compensated for declines in its classical paper and magazines business.
The publisher of Europe’s best-selling tabloid Bild, said it still expected 2017 sales to rise by a medium single-digit percentage, while adjusted EBITDA is expected to rise by a medium to high single-digit percentage.
First quarter earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose 17 percent to 147.2 million euros (123.8 million pounds), against the average forecast for 146 million in a Reuters poll.
Sales rose 6.7 percent to 836.2 million euros, which was below expectations for 843 million.
Reporting by Victoria Bryan and Harro ten Wolde; Editing by Maria Sheahan