In the same period last year, Havas made a net profit of €45m (£27.85m). Earnings before tax and interest grew in the first half of 2001 by 32% to €127m (£78.59m), but analysts had been forecasting a figure of €150m (£92.82m).
Rumours of a profit warning have been forcing Havas' share price down over the last few days. As trading began in Paris this morning, Havas' shares stood at €5.97 (£3.69), down by 8.2% on the previous close of €6.50 (£4.02).
Alain de Pouzilhac, Havas CEO, said, "All leading indicators show that recession is now increasingly certain in the United States and by extension on a world scale, which implies a difficult second half."
Last month, Havas withdrew its bid for Tempus, as it said changed conditions had made the advertising market too uncertain.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Read more