Big post-tax loss for Holland Media

AMSTERDAM — Dutch-based Holland Media Group (HMG) is reporting operational profits for fiscal year 1996 of 2 million guilders (approximately $1 million) even though it posted a net after-tax loss of $24 million in its first annual earnings report since it launched in 1995.

HMG is the country’s first three- channel commercial network. It reported 1996 gross revenues of $362 million, a figure that represents more than half of the total TV advertising revs in Holland today.

The $24 million loss was put down to extraordinary chargeoffs of $21 million for depreciation and costs of the 1995 merger that joined Dutch commercial market leader RTL 4, its sister channel RTL 5 and former pubcaster Veronica to form the largest commercial network in Holland.

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