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Write-downs for Interactive Investments Blamed

By Published on .

NEW YORK (AdAge.com) -- Grey Global Group reported a net loss of $24.4 million for 2001 and $28.6 million for the fourth quarter, compared with net income after charges of $19.4 million and $3.4 million, respectively, during the same periods in 2000.

The losses were due to a $32.2 million write-down of Grey's interactive investments; factoring out the charge, Grey would have shown $3.6 million in net income for the quarter and $7.8 million for the year.

The company reported revenue of $301.9 million for the quarter and $1.22 billion for the year, down 13.9% and 2.4%, respectively, from the year-ago periods.

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