Indiantelevision.com > Media, Advertising & Marketing Watch > Omnicom Group’s profit slumps 21 per cent

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Omnicom Group’s profit slumps 21 per cent

Indiantelevision.com Team

(27 April 2009 7:30 pm)

NEW DELHI: Advertising conglomerate Omnicom Group’s profit has slumped by 21 per cent due to advertisers reducing their marketing spends after being hit by the recession bug.

The group reported first quarter earnings of $164.5 million, as compared to $208.7 million a year ago.

Revenue fell by 14 per cent, from $3.2 billion last year to $2.75 billion this year. The company witnessed a fall in revenue across all geographic centers, and advertising, marketing and public relations.

Also the advertising giant reported a 6.6 per cent drop in organic revenue.

Omnicom, one of the largest advertising company, is home to agencies like BBDO Worldwide and DDB Worldwide and has clientele like Anheuser-Busch, McDonald’s and Chrysler.