German publishing group Axel Springer AG said Wednesday it recorded its highest net profit ever in 2008, rebounding from a loss in 2007, when earnings were hurt by write-downs.
The Hamburg-based publisher of Germany’s Bild daily, the country’s largest circulation newspaper, booked a net profit of €571 million ($719 million) in 2008, compared with a loss of €288 million in 2007. The loss in 2007 was related to a write-down for the company’s stake in the PIN Group, a mail service joint venture Axel Springer had undertaken with other publishers.
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