Lagardere SCA said Tuesday that revenue for the first quarter dropped despite improvements in its publishing division as coronavirus restrictions in Europe continued to cripple air passenger traffic, harming its travel retail business.
The French media company said quarterly revenue fell to 905 million euros ($1.09 billion) from EUR1.36 billion for the first quarter of 2020.
The result represents a 33.5% decline on a reported basis and a 29.8% fall on a like-for-like basis.
Revenue for its publishing division rose to EUR509 million from EUR457 million, but the travel retail business experienced a 56.1% decline on a like-for-like basis.
“The impacts of the health crisis are considerably different for Lagardere Publishing and Lagardere Travel Retail. For full year 2021, the environment remains uncertain amid a third wave of the pandemic. Lagardere is pressing ahead with its groupwide cost cutting and cash control efforts,” the company said.
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