Havas Suffers Dismal First Half

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BOSTON In line with its holding-company peers, Paris-based Havas, undermined by cuts in client spending amid the lingering recession, today reported a dismal first-half performance.

In the first six months of 2009, net income fell 18.7 percent to about $57 million on a 7.4 percent drop in revenue to slightly more than $1 billion. In organic terms, excluding the impact of acquisitions and currency fluctuations, revenue dropped 9.2 percent.

The company, which owns Arnold, Euro RSCG and MPG, offered no guidance for the remainder of the year.

In organic terms, revenue was down in all regions in which Havas competes, falling 10.5

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