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Results Up at MHC Publishing Group
-- 2/1/99
The McGraw-Hill Cos. reported that sales in its educational and professional publishing division rose 3%, to $1.62 billion, in 1998. Operating profit for the year increased 7.6%, to $202.1 million. The gain was due to higher sales in the group's elementary and higher education units, offsetting lower sales in the professional publishing operations.
Sales in the elementary unit rose 7.6%, to $831.5 million, led by strong results at Glenc /McGraw-Hill, SRA/McGraw-Hill and CTB/McGraw-Hill. Solid gains in both the sale of frontlist and backlist titles boosted higher education revenues 7%, to $359.4 million. Revenues in the professional publishing unit fell 4.8%, to $429.5 million, due to continued weakness in its CEC (Continuing Education Centers) operation as well as to softness in the Asia-Pacific markets.
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