French publisher Lagardere posts poor earnings

France's largest publisher of consumer magazines, has posted poor earnings for 2009 because of a ste

The publisher of Elle magazine and the Twilight series of vampire-themed novels reported that full-year adjusted net income declined 9.5 percent to 324 million euros, compared with the 374 million euros the analysts had been expecting.

The company's shares slid 7.3 per cent to 26.39 euros, its biggest fall in a year since March 2009. This reduced the company's market value to 3.5bn euros.

Lagardere's chief executive Arnaud Lagardere said operating profit at its media division may fall 10 percent in 2010, assuming stable ad sales. The media unit's revenue fell 24 percent in 2009.

The company may sell assets to raise cash for new opportunities.