Norwegian media company Schibsted, which is behind leading Spanish real estate portal fotocasa.es as well as a number of other jobs and classifieds websites, has reported increases in revenue and profits in the fourth quarter of 2009.
After an improved third quarter, the company's pretax profit reached NOK 168 million in the fourth quarter of 2009 compared to a pretax loss of NOK 2.094 billion in 2008. Schibsted says this is partially due to the success of its profitability program, which involved cutting 800 employees.
Operating revenue was up 10 percent over Q4 2008 to NOK 3.57 billion, which Schibsted says is mainly due to Media Norge being included in the consolidated accounts as of Q3 2009.
The company's advertising revenues declined by 0.4 per cent in Q4 2009 compared with the same period in 2008, which is a lower rate of decline than earlier in 2009.
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 30 percent.
"We are very satisfied with improving our results considerably in the fourth quarter," said Schibsted CEO Rolv Ryssdal. "Even in poor markets our online classifieds sites have demonstrated significant growth combined with margin improvement."
"The market conditions are still uncertain and we are planning for a continued challenging period," Ryssdal added.