Cutbacks Pay Off for Schibsted in Q3
November 17, 2009 by Alice Allan
Schibsted, the Norwegian media company behind the Spanish infojobs.net, Italian infojobs.it and Swedish jobb24.se, as well as a number of other classifieds websites, has released its financial results for the third quarter of 2009.
Over the three months to 30 September, Schibsted’s operating revenues increased by 10 percent to NOK 3.27 billion, however its underlying growth rate for advertising revenues was down seven percent compared to the same period in 2008.
The company’s operating profit jumped 52 percent to NOK 303 million, which was due to what Schibsted calls “a significant contribution” from its profitability program as well as “continued growth in online activities”.
Schibsted’s profitability program involved cutting 650 employees in the first nine months of 2009. Its media monitoring, archives and analysis subsidiary, Retriever, was sold off during the third quarter, and the company has also begun proceedings to sell off its Trykk newspaper printing plant Oslo and its shareholing in mobile entertainment company Aspiro AB.
Schibsted increased its stake in infojobs.net and infojobs.it last month. Its report states infojobs.net’s revenue fell by 33 percent in the third quarter of 2009, which the company said is due to Spain’s difficult economic conditions and resulting unemployment levels.
“All in all, it is a satisfactory result…we have been able to control our costs,” reuters.com quotes chief executive Rolv Rystdal as saying. “The crisis is not over, and we need to increase our revenues in the longer term.”
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