Finnish media company Alma Media Corporation (OMX: ALN1V) warned this afternoon that its 2011 operating profit will be below earlier estimates. The company said its revenue will grow but operating profit will be below 2010 levels due to additional costs incurred and weaker than expected circulation and advertising sales in December. Earlier the company had expected both sales and operating profit to exceed 2010 levels.
Alma Media’s best known products are Iltalehti, a daily tabloid magazine and one of the most read newspapers in Finland, Aamulehti, which is a morning newspaper in Tampere and commerce-oriented Kauppalehti. In addition to this the company owns Etuovi.com, which is the most read real estate website in Finland. The stock turned from a 1.5% gain to a loss of similar scale after the announcement.
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