RCS MediaGroup reaffirms guidance of significant 2013 loss

MILAN (Reuters) - Italian publisher RCS MediaGroup reaffirmed on Wednesday its guidance of a 10 percent sales drop and a significant net loss in 2013 amid continued economic uncertainty and a weak advertising market.

In a statement, RCS MediaGroup, publisher of influential Italian newspaper Corriere della Sera and of Spain's El Mundo, said its net loss narrowed to 125.4 million euros ($166.2 million) in the first half from 427 million euros a year ago, while sales declined 14.3 percent on lower advertising and circulation sales.

Revenues from its digital operations rose 4.3 percent to 73.1 million euros, 11.3 percent of the total turnover.

RCS, which completed a vital cash call earlier in July that led to a rejig in its shareholder base, said net debt rose to 956.7 million euros at the end of June.

Taking into account the effects of the cash call, pro forma net debt was about 560 million euros.

($1 = 0.7547 euros)

(Reporting by Danilo Masoni, editing by Isla Binnie)

Source: http://news.yahoo.com/rcs-mediagroup-reaffirms-guidance-significant-2013-loss-135026336.html

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