WPP tumbles into loss on virus

LONDON: British advertising giant WPP on Thursday posted a huge first-half loss on asset writedowns linked to the coronavirus pandemic but forecast booming digital demand from online-savvy consumers shunning high streets.

WPP said it suffered a net loss of £2.6 billion ($3.4 billion, 2.9 billion euros) in the six months to the end of June, after a net profit of £312 million a year earlier.

The advertising giant, which was hit hard by corporate cost-cutting in the face of the health crisis, added that it has taken £2.7 billion in impairments linked to the impact of Covid-19.

Revenues sank 12.3 percent to £5.6 billion compared with the last time around.—