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Operating profit of Eesti Meedia grows by third in 2017

BC, Tallinn, 03.07.2018.Print version
Consolidated sales of the Baltic media group AS Eesti Meedia last year grew 6.2% to 95.6 million euros and operating profit (EBITDA) by 29.7% to 7.1 million euros, informs LETA/BNS.

The impact of last year's large-scale changes have started to be realized, the group has improved internal cooperation, and the merged sales organization of the whole Eesti Meedia has finally started operating, CEO of Eesti Meedia Sven Nuutmann told BNS.


"We have seen our market share grow in all mediums. This result also includes the Latvian and Lithuanian divisions as well as advertisement businesses. All companies did well last year," he added.


This year the group is planning to maintain and grow its efficiency. "We will continue to contribute to the development of media and in the field of entertainment we will continue to invest in sports broadcasts," Nuutmann said. He added that the company will move into a new office space being built on Tartu Road, as a result of which cooperation and information exchange should improve even more.


In 2017, the group's main revenue sources were advertisement revenue with 33.2 million euros, print revenue with 26 million euros and announcement revenue with 18.8 million euros, while order revenue and individual sales totaled 9.1 million euros, it can be seen from the annual report.


The group's companies invested 2.5 million euros in tangible assets and nearly 1.3 million euros in intangible assets. This year the company will continue to invest in new technological solutions and furnishings of the new office building which is to be ready in 2019. The group's workforce decreased 3.4% last year to 1,328 people, while labor costs grew 6.6% to 26.3 million euros.


As on the balance sheet date, the group's retained profit from previous periods totaled 5.8 million euros and the 2017 net profit was 4.9 million euros.


Eesti Meedia is the biggest media group in the Baltic countries, whose business areas include production of content for print and online media, television and radio production, classifieds portals and printing services. The holdings of Eesti Meedia include the Postimees daily newspaper and online portal, Kuku radio station, Kanal 2 television channel and the news agency BNS, among others.


The owner of Eesti Meedia through the investment company Up Invest is Margus Linnamae.






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