Daily Mail Drops Most in 10 Months on Weaker Print Ad Market
- Print advertising fell 13 percent in fiscal first half
- Daily Mail online editions helped offset print decline
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Daily Mail and General Trust Plc, publisher of Britain’s Daily Mail newspaper, had its biggest intraday decline in 10 months after reporting a drop in first-half profit because of weakening demand for print advertising.
The shares lost as much as 9.7 percent after the London-based company said Thursday print-ad revenue fell 13 percent in the six months through March. Operating profit for the period slipped to 138 million pounds ($203 million), while revenue fell 1 percent on an adjusted basis to 950 million pounds.