MILAN May 14 Italian media company RCS
MediaGroup said on Wednesday its first-quarter net
loss had halved to 53.9 million euros ($74 million) as benefits
from cost cutting measures helped offset a 7.8 percent decline
The company, which publishes top Italian daily Corriere
della Sera and Spain's El Mundo, said full-year revenues are
expected to rise thanks to the development of its digital
business after falling in the quarter to 262.9 million euros.
The company also confirmed its target of trebling its 2014
core profit (EBITDA) before non-recurring items and said it
would still book a net loss for the full year, albeit smaller
than a year ago.
Chief Executive Pietro Scott Jovane is cutting costs and
selling assets as he seeks to revive the loss-making group. Last
summer RCS MediaGroup raised 410 million euros in a rights issue
that saw carmaker Fiat emerge as its biggest investor.
($1 = 0.7296 Euros)
(Reporting by Danilo Masoni; editing by Agnieszka Flak)