Axel Springer: Digital growth boosted profits


German media giant Axel Springer said yesterday that its fast-growing digital business helped boost overall profits in the first three months and it confirmed its full-year targets. The online business accounted for more than 60 percent of group revenues and 70 percent of operating profit in the first quarter, it said. Axel Springer said operating profit grew by 1.2 percent to 119.8 million euros ($136 million) in three months on a 12.7 percent rise in revenues to 780.6 million euros. However, bottom-line net profit fell by 34.4 percent to 43 million euros.