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Schibsted Media Posts Loss In Q3 - Quick Facts

10/30/2013 2:24 AM ET

Schibsted Media Group (SBSNF.PK) Wednesday reported a loss for the third quarter, amid higher costs as well as increased tax rate.

Loss attributable to owners of the parent was 78 million Norwegian kroner or 0.73 kroner per share compared to a profit of 205 million kroner or 1.91 kroner per share last year. The prior-year results have been restated.

Adjusted earnings per share were 1.26 kroner while it totaled 2.00 kroner last year.

Pre-tax profit plunged to 33 million kroner from 338 million kroner in the previous year. EBITDA slid to 437 million kroner from 518 million kroner.

Operating revenues grew to 3.65 billion kroner from 3.52 billion kroner in the prior year.

The underlying revenue growth was 2 percent. The Online classifieds segments increased underlying revenues with 13 percent, and 17 percent excluding Spain.

Excluding Online classifieds Investment phase, the EBITDA was 672 million kroner, 4 percent higher than in the same period in 2012.

According to teh company, the tax rate was higher as a result of losses in startup operations for which no deferred tax assets are recognized. In addition, there are no tax benefits linked to the loss on the sale of Eesti Meedia.

Further, costs increased due to higher levels of activity in the growing online operations.

Schibsted sees continued revenue growth potential and a good margin outlook for its portfolio of established Online classifieds sites.

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by RTT Staff Writer

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