Grey Posts Quarterly Gains

NEW YORK Grey Global Group said its net income rose 18.6 percent to $5.1 million in the first quarter on a 4.2 percent increase in revenue to $297.6 million, compared to the same period a year ago.

Diluted earnings per shares climbed 6.8 percent to $3.12 a share compared to $2.92 a share.

First-quarter revenue was “favorably impacted by the strengthening of European currencies coupled with modest growth in North America” the company said in a statement. The positive impact of the strong euro was “offset somewhat” by the decline of Latin American currencies since the first quarter of 2002, the statement said.

In the past quarter, Grey Global won new assignments from current clients such as Procter & Gamble, Mars, GlaxoSmithKline, 3M, British American Tobacco and Wyeth. In addition, the company landed new business including Nokia-N-Gage, Nokia’s worldwide entry into mobile videogame platforms and software. Grey also won responsibility for marketing the Visa credit card in Central and Eastern Europe, the Middle East and Africa.