Interim results: Alma Media turnover declines, Finnair spiral eases, UPM records slight profit

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The magazine and newspaper publisher Alma Media saw its turnover decline by ten per cent in the July-September period this year, compared with the same time in 2008. Turnover for the company, which is one of Finland’s largest publishers, was EUR 73 million.
      Announcing its third-quarter results on Wednesday, Alma said that the company’s profitability remained good in spite of the poor market conditions.
      Operating profit without one-time capital gains was EUR 11.7 million, down from 12.2 million in Q3 of 2008.
      Alma Media expects that both turnover and profitability for the whole year will decline from the 2008 level, owing to the slide in advertising sales.
      “The weakness in the advertising market continued. As in the second quarter, the newspapers' advertising sales were approximately one-fifth lower than the comparison period”, said Kai Telanne, President and CEO of Alma Media.
     
The Finnish airline Finnair posted a loss of EUR 28 million in the third quarter of this year, which was actually a slight improvement over Q2. However, the airline lost EUR 5 million more than a year earlier.
      According to the company’s interim report, Finnair’s turnover was about the same as in the April-June period, but 20 per cent lower than a year earlier.
      CEO Jukka Hienonen said that the easing of the situation was the result of intense cost-cutting measures. No rapid recovery in demand is in sight, and holiday services will face a very challenging winter.
     
The paper manufacturer UPM reported an unexpected profit for Q3.
      The company’s pre-tax result rose showed a profit of EUR 64 million. In the same period last year the company sustained a loss of EUR 90 million. In April-June this year it was EUR 26 million in the red.
      Turnover for the company was EUR 1.9 billion, which is nearly one fifth less than a year earlier.


Previously in HS International Edition:
  UPM´S OPERATING PROFIT IMPROVED – DEMAND BOTTOMING OUT
  FINNAIR GROUP INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2009

Links:
  Alma Media Corporation´s Interim Report for January-September 2009: Profitability remained good despite poor market conditions

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