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Mondadori posts 2012 net loss because of write-downs
March 20, 2013 / 1:37 PM / 5 years ago

Mondadori posts 2012 net loss because of write-downs

MILAN, March 20 (Reuters) - Italian publisher Arnoldo Mondadori turned to a net loss of 167.3 million euros in 2012 because of write-downs and said core earnings this year would fall again due to adverse economic conditions and restructuring costs.

Mondadori, which is controlled by the family of former prime minister Silvio Berlusconi, said in a statement on Wednesday the sale of its stake in Random House Mondadori drove net debt down to 267.6 million euros at the end of 2012.

In 2011 the company posted a net profit of 49.6 million euros.

In 2012 its core profit or before interest, tax, depreciation and amortization (EBITDA) halved to 66.5 million euros as sales fell 6 percent.

Before impairments of 194.3 million euros, Mondadori booked a net profit of 12 million euros in 2012.

Reporting By Danilo Masoni, editing by Francesca Landini

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