(MENAFN- AFP) German media giant Axel Springer said Tuesday it began the year with solid sales and earnings growth in the first quarter, driven by its fast-growing digital business.
"Operationally, we got off to a very good start in 2014," said chief executive Mathias Doepfner.
"The fact that we generated more than half our revenues and earnings in our digital activities for the first time ever is a symbolic milestone," he said.
Springer publishes the mass-circulation daily Bild and the conservative broadsheet Die Welt.
In the period from January to March, the group's net profit jumped by 22.9 percent to 65.6 million euros ($91 million).
Underlying or operating profit climbed by 13.6 percent to 118.4 million euros and revenues were up 4.4 percent at 692.3 million euros.
"Generally speaking, our business performance and operating results in the first three months of 2014 fulfilled expectations," the statement said.
"For the full year 2014, the executive board still expects consolidated revenues to rise by an amount in the mid single-digit percentage range," or around 5.0 percent, Springer said.
An anticipated drop in circulation revenues "will be more than offset by higher advertising revenues and higher other revenues," it said.
Full-year operating profit was projected to rise "by an amount in the low double-digit percentage range," Springer added.
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