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Swedish online expansion to hog Schibsted profits

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18:42 CEST+02:00
The Norwegian media empire Schibsted has posted a profit after tax of 256 million Norwegian kronor, just over double the profit for the same period last year.

However, the company, which owns the Swedish daily papers Svenska Dagbladet and Aftonbladet, says it is planning a major expansion of its online businesses which will dent this year's profits.

"Investment in the Swedish catalogue market (Hitta.se) and the development of a separate search engine in Norway is going to negatively influence results in the short term but is expected to create meaningful value over time," said the company in its results.

Svenska Dagbladet reported profits for the third quarter in a row, thanks to increased income from advertising.

Ad sales rose by 31%, contributing to a second quarter profit of 4 million kronor. The second quarter last year saw the company turn in a loss of 10 million kronor.

SvD's total ad sales for the period brought in 115 million kronor, thanks in part to the paper's well-defined audience, believes managing director Gunnar Strömblad.

"Among other things, this is due to our great success in presenting our affluent target group," he told his own paper.

"Our goal is to show a positive full year result, and there are reasons to suppose that we will achieve that," said Strömblad.

Sources: Dagens Industri, Svenska Dagbladet

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