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Business

Bertelsmann media group eyes massive jump in profits

German media giant Bertelsmann is expecting full-year profit to increase by a fifth in 2013. The strongest money spinner for the group is its RTL television outlet.

Between January and September this year, net profit at Bertelsmann surged 19 percent to 622 million euros ($833 million), already surpassing last year's full-year figure, the German media group announced Tuesday.

The profit jump came on positive performances in the group's divisions and in spite of only slight growth in revenues from 11.42 billion euros to 11.45 billion euros.

The main driver of profits in the first nine months of 2013 was the group's television business, notably the RTL group. It added 535 million euros or 41 percent more than in the same period last year to Bertelsmann's net profit.

Expressing his optimism about the remaining months of 2013, Bertelsmann Chief Executive Thomas Rabe said he expected group profit for the full year to increase by more than 20 percent.

Rabe also said in the period Bertelsmann had been able to improve its core businesses, while at the same time strengthening its new digital platforms and expanding in growth markets.

Bertelsmann Chief Financial Officer Judith Hartmann said the 2013 result was testifying to the media group's persistent strength and added: "Financially we are in such good shape that we are able to invest several billion euros into our business strategy over the next few years."

Bertelsmann aims to enhance its education business in the future, making it the group's third mainstay alongside its media and services divisions.

uhe/ng (AFP, dpa, Reuters)