More profits through cost cuts
Promotora de Informaciones S.A. (Prisa), publisher of the Spanish newspaper El País, revenues rose 1% to 942 million euros (US $923 million) in the first nine months of 2002, compared to the prior year. EBITDA increased by 3% to 184 million euros. The improvement is the result of heavy cost cutting which compensated for lower revenues in Santillana, the educational book publishing unit, due to the depreciation of currencies in Argentina and Brazil>
El País had revenues of 212 million euros and an EBITDA margin of 25.5%. The Specialized Press unit, which includes the sports daily As and the financial daily Cinco Días, had revenues of 77 million euros. Prisa owns a wide array of US and Latin American media companies.
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