Friday February 27, 08:48 AM
Vocento swings to core loss in 2008
MADRID, Feb 27 (Reuters) - Spanish publisher Vocento (Madrid: VOC.MC - news) said it made a core loss (EBITDA) of 14.6 million euros
($18.56 million) in 2008 versus a profit of 90 million in 2007, on higher costs and falling sales.
Group sales for Vocento, which owns national newspaper ABC and a clutch of regional newspapers, fell 7 percent, hit by a 16.7 percent decline in advertising revenue.
Costs increased 5 percent due to one-off restructuring expenses. In December, Vocento announced job cuts at its free paper 'Que' as the downturn continued to hit the advertising sector.
Net profit fell 58 percent to 34.6 million euros. The bottom line was helped by over 30 million euros in capital gains from the sale of ABC property, as well as one-time gains from the sale of a stake in broadcaster Telecinco (Madrid: TL5.MC - news) .
(Reporting by Jonathan Gleave, editing by Will Waterman) ($1=.7865 Euro) Keywords: VOCENTO EARNINGS/
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