Postimees Group makes €5.6 million losses on past financial year

Private media company Postimees Group has declared turnover of €37.9 million, with net losses of €5.6 million for the past financial year.

Postimees reports its financial year over a 16-month period, from May 1 2019; the previous 16 months had seen a €53-million turnover and €8.9 million losses.

“The effects of the coronavirus crisis were felt hard by year-end and led to a fall in sales revenue, but in the bigger picture Postimees Group is actually on course to reduce its deficit,” the group’s managing dircetor Andrus Raudsalu told BNS.

Raudsalu noted that reaching a balanced budget should happen in the next few years.

“We can also see that we have reduced this deficit vigorously year-on-year. Even after taking the extraordinary costs and the longer year (i.e. the 16 months – ed.), the deficit has still been reduced,” he said, adding that all private media had been able to do the same.

The coronavirus crisis had also led to greater numbers of people taking online subscriptions, he said.

Read more: ERR.EE

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