Young & Rubicam, New York, said second-quarter net income hit $30.6 million, up 24.9% from a year ago, as revenue rose 11.4% to $414.4 million. First-half results: net income up 37.1% to $50.3 million, revenue up 10.8% to $798.2 million. The 1998 net income figures, however, were absorbed by special charges related to Y&R's May '98 initial public offering, resulting in losses for those periods a year ago. Separately, Y&R and Dentsu, Tokyo, changed the ownership and management structure of their joint venture, Dentsu, Young & Rubicam. Y&R now takes a majority stake in all major Asian markets except Japan, where Dentsu will take the majority share. The two will continue to be 50-50 partners in the U.S. venture, Lord Group. The new deal doesn't affect Y&R's companies in Australia or New Zealand. Etienne Boisrond, chairman of Y&R Asia/Pacific, adds the role of chairman-CEO, DY&R Asia; Yasuo Yoshitome, formerly chairman of DY&R Asia, becomes co-chairman and adds the role of president-CEO of DY&R Tokyo.
Copyright August 1999, Crain Communications Inc.