Bertelsmann Profit Falls Sharply in 2003

From Associated Press

German media giant Bertelsmann said its profit fell sharply in 2003 as it recorded lower capital gains, but said its basic businesses in books, music, television and magazines turned in strong performances in difficult markets.

The company’s earnings totaled $187 million last year, down from $1.2 billion in 2002.

Revenue fell to $20.5 billion from $22.3 billion in 2002, when results included sales from the company’s since-sold Bertelsmann Springer professional publisher.