Diena reports widening losses

RIGA - Newspaper publisher Diena posted 3.9 million lats (5.5 million euros) in losses for 2012, according to data from Firmas.lv. This shows a worsening from the company’s performance in 2011, when the holding company’s losses totaled 1.4 million lats.
The company’s turnover last year remained unchanged from 2011 at 2.4 million lats.
Company management reports state that the losses were due to asset depreciation and several unprofitable businesses.

Diena subsidiaries Poligrafijas grupa Mukusala, Abonesanas centrs Diena, Mukusalas Maja operated with profits last year. However, losses were posted by Dienas Mediji, Izdevnieciba Dienas bizness, RPD, Izdevnieciba Dienas Zurnali and Dienas Gramata.
Management reports also say that Diena subsidiary Biznesa atbalsta grupa ‘Pre Prior’ was liquidated last September.
Work on improving the corporation’s efficiency is continuing this year, and ways are being sought to cut the company’s costs.

Diena is one of the largest media corporations in the Baltic countries, publishing newspapers, magazines and books. The daily Diena was established in 1990; in the mid-1990s it was sold to the Swedish Bonnier corporation, whereas in 2009 it, along with the Dienas Bizness publishing house, was acquired by the Rowland family. Currently, the Diena corporation belongs to the Riga Commercial Port.