Bertelsmann 2013 profit exceeds own expectations

Reuters

FRANKFURT (Reuters) - German media group Bertelsmann said on Friday its 2013 net profit increased 30 percent to a better-than-expected 800 million euros ($1.1 billion), helped by cost cuts and financial windfalls.

The privately held company earlier had predicted 2013 net profit would rise by around 20 percent.

Bertelsmann is co-owner of Penguin Random House, the publisher of bestsellers such as Dan Brown's "Inferno", and holds the majority of broadcaster RTL.

Preliminary 2013 earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations rose to 2.3 billion euros from 2.2 billion in the previous year.

Bertelsmann will publish its detailed results on March 26.

(Reporting by Harro ten Wolde; Editing by Maria Sheahan)

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