Schibsted, the Norwegian media company behind leading Spanish real estate portal fotocasa.es as well as a number of other jobs and 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’s report did not go into detail about fotocasa.es’s performance for the quarter, but said classified website finn.no’s real estate advertising revenues rose by 10 percent.
"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."