March 27, 2018 / 8:34 AM / 5 months ago

Bertelsmann 2017 core profit rises to record level

BERLIN, March 27 (Reuters) - German publishing house Bertelsmann posted a 2.7 percent rise in 2017 core profit to a record level of 2.64 billion euros ($3.28 billion) thanks to its television, publishing and music businesses.

At services unit Arvato, however, operating earnings before interest, tax, depreciation and amortisation (EBITDA) fell 10 percent to 320 million euros due to tough markets and ramp-up costs for new business.

Bertelsmann said earlier this year it planned to seek a buyer for its customer relationship management (CRM) operation, part of Arvato, to exit a business that requires heavy investment to keep pace with advances in technology.

$1 = 0.8037 euros Reporting by Joern Poltz Writing by Maria Sheahan Editing by Caroline Copley

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