FRANKFURT (Thomson Financial) - Axel Springer AG said third-quarter net profit jumped 47 pct to 89.5 mln eur as the company made more money with digital media, and as newspaper and magazine sales picked up.
Axel Springer bundled its online activities into its digital media segment and invested in buying stakes in online platforms including Aufeminin.com and Wallstreet:online to lessen its dependence on print media.
In the third quarter, digital media sales rose more than tenfold to 55.6 mln eur from 5.5 mln in the year-earlier period, according to a statement.
Axel Springer's overall sales rose to 681.8 mln eur from 563.0 mln.
Earnings from newspapers improved on rising advertising revenue and strong demand for the companies daily newspaper Welt Kompakt, while magazine earnings gained on new launches and acquisitions.
Axel Springer's third-quarter results were also helped by a 21.2 mln eur positive tax effect related to changes in German corporate tax laws.
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