Paris-based Havas, the world's sixth-largest agency holding company, reported second-quarter revenue of $472.6 million, down from $522.4 a year ago, based on August 3rd exchange rates.
The company attributed the decrease to "a significant change in the euro/dollar exchange rate and structural change due to the sale or closure of certain companies," according to a statement.
Havas' North America second-quarter revenues fell to $186.5 million from second quarter 2003 revenues of $219.2 million. Havas' revenue for the first half of 2004 was $902.8 million versus about $1 billion for the first half of 2003.
The company's PR properties include Euro RSCG, Magnet Communications, and Abernathy MacGregor. Havas did not break out its PR revenue.
"Less than a year after the strategic reorganization, the figures for the first half demonstrate that we are on the right track both in terms of growth and profitability," Alain de Pouzilhac, Havas Chairman and CEO, said in a statement.
Havas has been in discussions with New York-based Grey Global about buying the world's seventh-largest agency holding company.