Business ::
Zurich, Switzerland (GenevaLunch) – Profits at Switzerland’s largest media group, Tamedia AG plunged to only CHF800,000, a drop of almost 99 percent in the first half of 2009, the company announced 3 September. The results were even worse than analysts had predicted, and were blamed by the company on the “severe recession and also a collapse in advertising spending“. Sales revenues dropped 15.9 percent in the period versus only a 1.7 percent decline in corresponding costs, despite making savings of CHF47.8 million in the first half of the year.
