French conglomerate LagardÃ¨reÂs broadcast business turned in EBIT of Â11m last year, a drastic fall from 2008Âs figure of Â95m.
According to LagardÃ¨re, two thirds of the fall was due to the decline in its radio business, reflecting a 15% drop in advertising revenue, with Russia particularly hard hit. TV profits were hit year-on-year by the non-recurrence of reversals of provisions and by a rise in the cost of some digital-terrestrial programming.
LagardÃ¨re as a whole turned in revenues of Â7.9bn, down 4% year-on-year. Net income was Â137m, down from Â593m in 2008.