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Italy's L'Espresso says Q3 net profit drops 85 pct
October 23, 2013 / 12:06 PM / 4 years ago

Italy's L'Espresso says Q3 net profit drops 85 pct

MILAN, Oct 23 (Reuters) - Italian newspaper publisher Gruppo Editoriale L‘Espresso said on Wednesday third-quarter net profit dropped 85 percent to 800,000 euros ($1.10 million) and said its outlook for the rest of 2013 was uncertain.

The group controlled by prominent Italian businessman Carlo De Benedetti reported net profit of 4.5 million euros for the nine months to September, down from 26.4 million euros for the same period in 2012.

L‘Espresso said in a statement the publishing industry was facing slowing circulation of daily newspapers and magazines, while recession-hit companies invested less in advertising.

“Uncertainty is still deep in the outlook for year 2013,” L‘Espresso said, adding it has undertaken “new and sharper” cost cuts and was considering integrating one of its subsidiaries with an entity controlled by Telecom Italia Media. ($1 = 0.7260 euros) (Reporting by Isla Binnie; editing by Francesca Landini)

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