Group sees revenues shrink by more than 50%
BERLIN — Echoing fellow German media players who have watched sales dry up, animation group TV-Loonland blamed writedowns of assets in a dire market for its full-year net loss of 74.5 million euros ($81 million) — down from a $9 million profit in 2001.
Revenues shriveled more than 50% to $40 million. The advertising crisis has kept TV broadcasters from buying programming licenses, resulting in TV-Loonland’s sharp revenue drop, the company said in its annual report, released Monday.
“TV-Loonland responded to this low demand with a strict restructuring and cost-saving program,” the company said. “This will only have its full positive effect in the course of 2003.”
The measures helped cut costs by more than 50% last year to $26 million.
With offices in Germany, the U.K. and the U.S., TV-Loonland produces and distributes children’s fare internationally. Company is listed on the Prime Standard segment of the German stock exchange, where shares dropped 12.5% to $1.14 Tuesday.