Polish publishing firm Agora Group, the publisher of daily Gazeta Wyborcza, has declared a Q4 2008 net loss of 31 million zlotys, more than double the previously predicted amount. In comparison, the group earned a net profit of 26 million zlotys in the same period of 2007.
The publisher had previously forecast a loss of 12 million zlotys due to a 27 million zlotys impairment charge in connection with its controversial purchase of online classifieds website Trader.com (Polska).
Agora also saw a 20% drop in advertising sales last month, with sales falling to 60 million zlotys – down 15 million zlotys y/y, according to wirtualnamedia.pl. Falling ad sales have plagued the concern for months and likely contributed to its Q4 2008 loss. (Warsaw Business Journal)