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Net loss of Sanoma, co-owner of Russian business daily, reaches EUR332 million

Sanoma’s main Russian asset is a stake in Sanoma Independent Media (SIM) Publishing House

© ITAR-TASS/Alexei Filippov

MOSCOW, February 07. /ITAR-TASS/. Net loss of Finnish media company Sanoma, a co-owner of Russia’s Vedomosti business daily, totaled €332.3 million in 2013, the holding said in a statement on Friday, adding that a year ago its net profit reached €149 million.

The media company’s revenue declined to €2.2 million, down by 6.6% year-on-year. It reported the operating loss of €272.3 million as against the operating profit of €232.3 million in 2012.

October 2013, Sanoma CEO Harri-Pekka Kaukonen announced “the largest ever transformation in the company’s history”, strategic reassessment of its offices in Russia, Central and Eastern Europe and in Belgium. The company said it would focus its efforts on markets of the Netherlands, Finland and on branches of educational literature. Soon after, Sanoma announced its withdrawal from markets of Serbia and the Czech Republic and sale of several printing houses and offices.

Sanoma’s main Russian asset is a stake in Sanoma Independent Media (SIM) Publishing House. The company publishes such magazines as Cosmopolitan, Esquire, Harper’s Bazaar, Men’s Health, Woman’s Health, National Geographic and Grazia. Together with other shareholders Dow Jones, founder of The Wall Street Journal, and FT Group, founder of the Financial Times, Sanoma publishes Vedomosti.

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