Swiss media concern Highlight Communications has posted a 16% increase in consolidated revenues for the first quarter of 2003 in spite of difficult market conditions.

The group, which is currently looking to acquire majority control of Germany's Constantin Film where it has a 41.4% interest, reported revenues of $32.7m (CHF 42.3m) - compared to last year's $28.2m (CHF 36.5m) -, while operating earnings surged by 30% to $8.3m (CHF 10.7m) from 2002's $6.3m (CHF 8.2m).

Consolidated profit after tax and minority interests came to $3.8m (CHF 4.9 m) (2002: $3.3m /CHF 4.3m), translating into earnings per share of CHF 0.10 for the quarter ending March 31, 2003.

Meanwhile, Highlight's total bank liabilities were valued at $19.2m (CHF 24.9m) and the group's liquidity (cash, cash equivalents and securities) in the first quarter amounted to $55.9m (CHF 72.3m)