Sanoma – which owns dozens of media outlets in Finland including the leading newspaper Helsingin Sanomat and the Nelonen TV channel – said on Friday that its turnover dropped in the April-to-June period compared to a year earlier. This followed a profit warning last week – the company’s fourth in a year and a half.
The conglomerate owns newspapers, magazines, radio and TV channels and publishers in 20 European countries.
Underlying operating profits plunged to 37 million euros, down from 98 million during Q2 of 2012. Turnover slipped from 646 to 590 million euros.
"Strategic choices" ahead
“Advertising markets in Sanoma’s main operating countries continued to be depressed,” said CEO Harri-Pekka Kaukonen in a statement. “The likelihood of clearly improving market conditions in the second half of the year is estimated to be low. In addition, circulation sales continue to be under pressure.”
"We will make strategic choices to enhance our focus," added Kaukonen.
In the first quarter of this year, Sanoma posted a loss of more than 40 million euros, including write-offs. Sanoma’s Dutch operations have been particularly troubled, and the local CEO quit in May.
Also in May, Helsingin Sanomat’s editor-in-chief was fired, and last week three other senior editors resigned.
