The results were hurt by the strength of the euro versus the dollar, according to Rob van den Bergh, VNUâs chairman-CEO.
At constant currencies, VNU said its net earnings were up 25% in the first half. Revenue for the first half was $2.3 billion, down 10% from $2.5 billion. At constant currencies, VNU said its revenues were actually up 2%. The companyâs cash earnings before goodwill charges and extraordinary items were essentially flat in the first half of 2003 at $228 million. At constant currencies, VNU said its cash earnings were up 15% over the first half of last year.
Hit by reduced advertising pages, VNUâs business information unit, which includes Billboard and other b-to-b properties, posted revenue of $395 million, down 21% from $501 million in the same period last year. At constant currencies the unitâs revenue declined 8% for the period.