Negative first quarter for Mondadori: the publishing group in fact closed the first three months of 2012 with a net profit halved (-52%) to 2,4 million euro on revenues down by 7,4% to 328,1 million. The gross operating margin, according to a note released by the company, is equal to 15 million compared to 21,8 million in the same period of the previous year. Net financial debt as at 31 March 2012 amounted to 301,8 million euros compared to 335,4 million at the end of 2011.
“Unfortunately, the first three months of the year confirmed the most pessimistic forecasts on the extent of the current economic crisis and on the effects deriving from the economic and financial policy measures introduced by various countries, especially in Europe, on production activity, investments, on employment and consumption”, reads the note. “The times necessary for a recovery of the market are currently not conceivable: with regard to the perimeter of activity of the Mondadori group, there was a further, general contraction in the volumes of activity, compared to the already strongly negative values of the last quarter of 2011″.
