Negative Q1 results for 20 Minutes

20MinutesFranceAlthough Schibsted’s free daily 20 Minutes in France (50% owned) saw its revenues increase with 12 percent, it resulted in a negative EBITDA of €0.9 million (€ 0.8 million in Q1 2010).

The increased distribution (new national edition and more copies in Paris and some other markets) is the main reason for the cost increase according to the company.

Online operations, however, reported an 83 per cent growth in operating revenues in Q1 when compared with the same quarter last year.

The macro-economic situation and tough competition in Spain had a negative impact on 20 Minutos Spain according to Schibsted. Operating revenues declined by 11 per cent in Q1. EBITDA was € -1.4 million (-0.6 million in Q1 2010).

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