Washington Post Profit in IV quarter fell by 77%

25.02.2009

The American media group Washington Post Co. stated that in the IV quarter of its profit fell by 77% despite a modest earnings growth in the education and cable television company, informs Associated Press.

Media Group, which owns the service of academic testing, "Kaplan" and publishes the magazine "Newsweek", and the newspaper Washington Post, received a net profit of $ 18.8 million or $ 2.01 per share, although its revenue grew by 3% to $ 1,16 billion However, during the same period a year earlier the company earned $ 82.9 million or $ 8.71 per share.

Departments Kaplan and Cable One provides most of the revenues and strengthen its financial position at a time when newspapers across the country are facing a sharp decline in revenue from ads and private ads.

Recently, four U.S. newspapers have applied for bankruptcy. The same fate could expect the newspaper San Francisco Chronicle, unless its publisher Hearst will not be able to dramatically reduce costs in the next few weeks.

Nevertheless, even with the recession, income from educational television grew by 13% to $ 609 million cable TV has brought a profit of $ 184 million, up 11% better performance IV quarter a year earlier.