Debtless Book Publisher Blooms in Crisis Skip to content

Debtless Book Publisher Blooms in Crisis

Book publisher Forlagid, a merger between Edda and JPV-útgáfa, celebrated its first anniversary at with an expected profit of nearly ISK 120 million (USD 940,000, EUR 690,000) for 2008. Forlagid is one of the few companies in Iceland that is completely debt-free.

“It is a return of 300 percent of equity, but that doesn’t say anything. The company is well financed and doesn’t pay interest expense,” Árni Einarsson, board member of Forlagid and board chairman of book publisher Mál og menning, told Fréttabladid.

“The merger was more successful than we had hoped and we are optimistic about the future,” said managing director of Forlagid Egill Örn Jóhannsson. Forlagid plans to publish 350 titles this year.

Since the company’s production is mainly for the domestic market, the fluctuation of the ISK is not the dominant factor in Forlagid’s operations.

Einarsson said people can look forward to the annual flood of books before Christmas. “And people will be able to enjoy it. We are not going to let all the increased costs that we are hit by affect the pricing and we hope that we will be supported in our goal of increasing prices as moderately as possible.”

Jóhannsson is not worried that business will be low during the economic crisis. “It is a very demanding environment but books have always sold well during times of crisis. Icelanders seem to read more at such times.”

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