Germany’s leading media group Bertelsmann has reported a profit of EUR126 million for the first three months of 2004, up from a loss of EUR306 million in the corresponding period of 2003. Although first quarter consolidated revenues fell slightly from EUR3.93 billion to EUR3.79 billion, the company blamed currency fluctuations for the decline, claiming that without them revenues would have risen by around 3%. Net income before minority interests stood at EUR39 million, from a loss of EUR399 million twelve months previously. The group said it made investments of EUR234 million in the first quarter and ended March with net debts of EUR998 million, up from EUR820 million. Commenting on the results, Bertelsmann’s chief financial officer Siegfried Luther said he expected revenues to grow throughout the rest of the year, leading to ‘a continued improvement in the company’s operating results’.