The Telegraaf Media Groep on Friday published first half figures showing a sharp drop in net profit and withdrew its 2012 financial forecasts.

TMG had said full year operating profit would reach €50m. The company, which owns the Telegraaf newspaper, Sky Radio and social networking site Hyves, did not make a new prognosis.
Net profit over the first six months fell from €13.2m in 2011 to €8.7m while operating profit reached €16.5m, down almost 50%.
Advertising revenue fell 10% but the group’s internet activities showed slight growth, the stock-exchange listed group said. Total revenues were flat at €282m.