Heavy losses at publishing group PCM

Newspaper publishing group PCM booked a loss of €205m last year, due to write-offs on goodwill and newspaper publishing rights, the company said on Monday.

PCM, which publishes the Volkskrant, Trouw, AD and NRC, is about to be taken over by Belgium’s Persgroep.
PCM booked net profit of €19.6m in 2007.
The company said it sees no signs of an improvement in the daily newspaper market. It has been hit by the sharp downturn in advertising income, which offset slight gains in newspaper sales and a strong rise in income from readers’ offers.
The company’s operating profit fell from €38.8m to €22.5m. Bank debts fell from €316m to €183m. PCM was saddled with large debts by its former owner, private equity firm Apax, said the Volkskrant.

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