March 9, 2017 / 7:04 AM / 7 months ago

Axel Springer 2016 core profit beats expectations

FRANKFURT, March 9 (Reuters) - German publisher Axel Springer reported better-than-expected 2016 core profit, helped by its digital business, especially its online classified ads.

Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose 6.5 percent in the year to 595.5 million euros ($627.66 million), beating the average forecast for 585 million euros in a Reuters poll.

Sales were stable at 3.29 billion, which was slightly below expectations.

The publisher of Europe’s best-selling tabloid Bild, said it expected 2017 sales to rise by a medium single-digit percentage, while adjusted EBITDA is expected to rise by a medium to high single-digit percentage.

$1 = 0.9488 euros Reporting by Harro ten Wolde; Editing by Maria Sheahan

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