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HAVAS REPORTS LOSS OF $50 MILLION

Organic Growth for 2001 Flat

By Published on .

NEW YORK (AdAge.com) -- After hefty writeoffs for restructuring and goodwill, Havas Advertising announced a net loss of $50.6 million for 2001, compared to a net profit of $78 million for the previous year.

Revenue grew slightly to $1.96 billion, up 2% from 2000, due largely to the first full year inclusion of Snyder Communications, acquired by Havas in late September 2000.

Factoring out Snyder and other smaller acquisitions, Havas reported organic growth of 0.3% for 2001.

Havas is the holding company for networks including Arnold Worldwide and Euro RSCG.

Earnings per share were 18 cents, down from 37 cents in 2000.

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