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Finnish media giant Sanoma reports sagging profits, issues glum outlook

Finnish media giant Sanoma reports sagging profits, issues glum outlook

OHMYGOSSIP — The Sanoma media group has announced a slump in turnover and profits in the second quarter, Yle mediates.

Sanoma – which owns dozens of media outlets in Finland including the leading newspaper Helsingin Sanomat and the Nelonen TV channel – said on Friday that its turnover dropped in the April-to-June period compared to a year earlier. This followed a profit warning last week – the company’s fourth in a year and a half.

The conglomerate owns newspapers, magazines, radio and TV channels and publishers in 20 European countries.

Underlying operating profits plunged to 37 million euros, down from 98 million during Q2 of 2012. Turnover slipped from 646 to 590 million euros.

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