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The Warsaw Voice » Business » March 9, 2018
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Agora media group suffers losses and cuts costs
March 9, 2018   
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Listed media group Agora suffered in he 4th quarter of 2017 a PLN 73.5 million attributable net loss, deeper than the PLN 66.4 million net loss expected earlier, the annual financial report of the group shows. However, the media group management anticipates 2-4% growth for the overall advertising market in 2018, including continued double-digit growth for its once-core segment of daily newspapers.
Agora expects to cut costs significantly in 2018 despite efforts at new growth in selected segments, management said in comment to its 2017 financial report.
Costs should be "significantly lower" than those in 2017 thanks to lower amortization and lower materials and energy consumption. Those cost positions appear tied to Agora's printing units where layoffs have already been announced and volume reductions will lead to lower costs.
The recently announced group layoffs in printing units will bear a PLN 1.6 million charge in the 1st quarter of 2018 and generate PLN 2.0 to 2.5 million savings annually, management said.
Cost growth could be visible in cinema and related new ventures.
Staffing costs should rise "insignificantly" in 2018 on new hiring for growth in the cinema segment, management said. Radio and internet could also see higher staffing costs.
New restaurant & hospitality operations could show up in 2018 cost lines, management anounsed.
Ad and marketing costs could rise, management added without specifying segments and with a hint that ad spend could go to growth projects or be reactive to market conditions in media.
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