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Russian-owned The London Evening Standard claimed its first profit
17.10.2012 19:09
Russian-owned The London Evening Standard claimed its first profit

The British newspaper The London Evening Standard, which belongs to the Russian businessman Alexander Lebedev, has brought its first profit to its owner.  

 Andrew Mullins, managing director of the Standard, has pre-empted owner Independent Print's accounts for 2012 to confirm the free London paper made just over £1m in profit in the year to 30 September 2012.

So Alexander Lebedev has achieved his aim to turn the newspaper into profitable assets within three years.  Alexander Lebedev purchased The London Evening Standard in 2009 for £ 8.3 million. In 2009 the annual loss of the newspaper amounted £ 30 million. The businessman reorganized the company and made the newspaper free. By October 2010 the losses were cut up to £16.9 million, and by September 2011 The London Evening Standard lost about £7 million.

Author: Irina Fomina

Tags: Russian business Alexander Lebedev    

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