July 23, 2014 / 10:58 AM / 3 years ago

Italy's Espresso H1 steady thanks to cost cutting

MILAN, July 23 (Reuters) - Italian publisher L‘Espresso said on Wednesday its net profit was almost stable at 3.8 million euros ($5.1 million), as cost cutting offset a decline in advertising and circulation sales due to a weak economy and online competition.

Total revenues fell 10 percent to 332.5 million euros in the period and the group, which publishes Italy’s top selling daily La Repubblica, said the trend for the advertising market, its main source of income, remained uncertain.

By 1048 GMT, shares in L‘Espresso were up 3.2 percent at 1.24 euros, outperforming a 0.3 percent rise in the broader Milan index. ($1 = 0.7424 Euros) (Reporting by Danilo Masoni, editing by Stephen Jewkes)

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