COLOGNE, Germany -- Shares in German kids vid producer TV Loonland plunged Tuesday after the Munich-based company announced losses of more than $70 million and a major drop in revenue that it attributed to write-offs of film assets and goodwill. In a required statement to the German stock market, Loonland said it booked a net loss of 74.5 million ($81.1 million) in 2002, compared with a 9 million profit a year earlier. Sales more than halved to 36.8 million ($40.1 million) against 77.5 million in 2001. TV Loonland shares slumped more than 18% Tuesday, closing at 0.98 ($1.07). The German group, which produces such cartoons as The Cramp Twins and Da Mob, said write-offs last year amounted to 88.6 million ($96.4 million), mostly due to depreciation and amortization of the company's film assets. It said it was also hit by losses from South Korean subsidiary SRE Corp., which the German group sold off earlier this year. Loonland said the market climate remains bleak, with broadcasters reluctant to spend on new licenses. But the company insisted that cost-cutting and restructuring measures undertaken last year would bear fruit in the coming months, preparing Loonland for the industry's eventual rebound.
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