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RCS MediaGroup says Q1 net loss halves on cost cuts
May 14, 2014 / 2:45 PM / 4 years ago

RCS MediaGroup says Q1 net loss halves on cost cuts

MILAN, May 14 (Reuters) - 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 in revenues.

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)

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