Agora Group, the publisher of daily Gazeta Wyborcza, has declared a Q4 2008 net loss of zł.31 million, more than double the previously predicted amount. In comparison, the group earned a net profit of zł.26 million in the same period of 2007.

The publisher had previously forecast a loss of zł.12 million due to a zł.27 million impairment charge in connection with its controversial purchase of online classifieds website Trader.com (Polska).

Agora also saw a 20 percent drop in advertising sales last month, with sales falling to zł.60 million – down zł.15 million y/y, according to wirtualnamedia.pl. Falling ad sales have plagued the concern for months and likely contributed to its Q4 2008 loss.

(RG)

Source: Reuters