AdWeek: Havas Bears $65 Mil. Loss

Today, French advertising holding company Havas announced a loss of $65 million during the first half of 2003. This is down significantly from a reported profit of $17 million for the same period last year.

Revenue was down 20 percent to $945 from close to $1.2 billion last year.

Havas is undergoing a major reorganization shifting 17 different agencies, most of which are currently under the Arnold Worldwide umbrella to its Euro RSCG unit. Having already cut its staff by 750 in the first half of 2003, the company indicates that same number may be cuts in the second half of the year.