The sale of three titles, currency fluctuations and fierce competition especially in tabloid segment sank Ringier Romania’s business 27% in 2008, down to 38.7 mln euros, the Swiss-based media group announced.

Romanian subsidiary saw its ad revenues falling 21.4 percent, following the sale in 2007 of daily sports newspaper Pro Sport and of two TV guides, TV Mania and TV Satelit.

Ringier Group posted a turnover of 967.6 million euros, up 5.3% and 39.1 mln euros profit. The course of business in Switzerland, the Czech Republic and Slovakia was one reason for the fine showing. Another was the rise in turnover for digital media, which accounted for 8.5 percent of total turnover in the year under review, compared to 5.5% a year earlier.

Ringier Switzerland increased sales in 2008 by 6.6 percent. Sales in the Central and Eastern European markets rose by 4 percent up to 331.8 mln euros. Ringier Czech Republic recorded the biggest growth of 18.6 percent, followed by Ringier Slovakia with 11 percent.

Last year, the group suspended activity in Ukraine, selling the subsidiary Free Media Ukraine, the publisher of Blic daily to Adevarul Holding.

Ad revenues are likely to continue declining in the current year. The first signs of a recovery on the ad market are not expected until 2010 at the earliest. Ringier will therefore continue to work on the cost side while also stepping up its investments. These efforts will extend beyond the well-positioned newspapers and magazines to include also digital media, particularly the existing online platforms and the mobile range for the print titles.

Ringier is a multinational media company with around 8,000 employees in Asia and Central and Eastern Europe. Worldwide, Ringier publishes more than 120 newspapers and magazines and produces and markets more than 20 TV programmes. The company also operates about