BMG's parent company Bertelsmann has slid into the red in the first quarter of 2003 - blaming a slump in consumer demand, especially in the US, because of the war. Losses of £284.5m compared to profits of £1.8bn in the same quarter last year - though those were unusually high after Bertelsmann sold ts stake in AOL Time Warner.
In a statement the group told investors: "The tougher market situation in the US, along with the weakness of the US dollar, has made itself felt in Bertelsmann's quarterly results. We still expect to make our targets for 2003 and resolutely strengthen our operating business." No breakdown was given for how each of its divisions faired individually so there is no indication of how BMG has performed post Zomba takeover.