JCDecaux, the world's second-largest seller of outdoor ads, said first-half profit plummeted 96 per cent as advertising on billboards, buses and other vehicles fell.
The company, based in Neuilly-sur-Seine outside Paris, said net income slid to €4.4 million from €100.9 million in the year-earlier period. Earnings before interest and taxes slipped 70 per cent to 49.5 million.
Sales tumbled 13 per cent to 925.4 million.
"The backdrop to these results has been an extremely challenging environment," chairman Jean-Francois Decaux said in a statement.
"Without signs of improvement in market conditions, we currently expect the decline in third quarter organic revenue to be broadly in line with the decline in the first half," he added.
The company said the global ad market continues to lack volume and is experiencing aggressive pricing, particularly from television broadcasters.
Before today, the company's shares rose 2.4 per cent to €12.59, giving JCDecaux a market value of €2.78 billion .
