Lagardere reports profit increase after putting EADS stake on sale
AFPPARIS -- French media group Lagardere posted a huge jump in profit on Thursday based on the sale of a 7.4-percent stake in the European defense and aerospace company EADS.
August 31, 2013, 12:03 am TWN
The company sold the stake earlier this year for 2.28 billion euros as the company narrows its focus to its media holdings.
Net profit in the January-June period soared to 1.48 billion euros, a huge increase from 36-million-euro profit a year earlier. Sales however inched up just 0.5 percent in the period to 3.4 billion euros.
The sale of EADS allowed the company to unload a mountain of debt, which fell from 1.73 billion euros to 900 million euros in the six-month period.
The media company holds magazine titles including Elle and Paris Match, but sold off its foreign magazine stable to U.S. media company Hearst in 2011.