NEW YORK: Interpublic Group posted a $16.9-million net loss for the first quarter of 2004, almost double its $8.6-million loss in the same period 2003, the company said in a statement today
The world's second-largest agency holding company did not break out the financial numbers for its PR firms, which include Golin/Harris, Weber Shandwick, MWW Group and DeVries. The company could not immediately be reached for comment.
IPG's revenue increased 6% during the quarter to $1.4 billion.
IPG has struggled along with the rest of the industry in recent years, but its recovery has been slowed by layoffs and the write-down of assets. IPG recorded a net loss of $451.7 million in 2003, according to an earlier proxy statement.
Still, CEO David Bell sounded an optimistic tone in the release.
"We remain committed to moving the company through a change process as rapidly as possible," Bell said. "We have made significant strides in the first year, but there is still much more work to be done."