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Business

Bertelsmann Returns to Profit after Iraq War

Bertelsmann AG, the German media giant, posted positive first-half operating earnings on Wednesday and announced that it returned to profit in the second quarter after the war in Iraq helped to keep the company in the red in the first quarter of 2003. Bertelsmann reported earnings before interest, tax and amortization (EBITA) of €228 million ($250 million) for the six months to June 2003 compared with €175 million in the same period last year. A company spokesperson told Reuters that the improvement was due to reduced losses at Direct Group, its book and music club division, a good performance by the RTL television group and restructuring across the company.