CBS records 93% fall in pre-tax profits

Outdoor media group CBS Outdoor International has posted a 93% fall in pre-tax profits for Q4 2008.

The firm's revenues fell 16% year-on-year. Pre-tax profit dropped to around $3m (£2.1m), which CBS put down to revenue declines and increased transit costs.

The organisation's full-year pre-tax profit was down 91% to $6.3m. 

Owned by CBS Corporation, the company operates in 10 countries in Europe, Asia and the Americas. Its media assets include roadside billboards, transit systems and street furniture.

The Outdoor Advertising Agency (OAA) stressed that CBS did not break down figures by country, so the exact UK profit figures are unknown.

It said that revenue for the sector in the UK was £251m in Q4 – a 1.1% drop year-on-year.


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