The fall in earnings follows last month's news that revenues for the first six months of 2003 plunged 19% to €835.6m (£586.2m).
The fall in revenue, reported by the Sunday Telegraph, was attributed to a strong deterioration in the UK market, the strength of the euro and the ongoing effects of the war in Iraq and the SARS outbreak.
Havas used the revenue announcement last month to reveal a reorganisation that will see all of the company's agencies fall under one of three divisions: Euro RSCG Worldwide, to service the group's global clients; Arnold Worldwide, as an alternative creative network offered only in local markets; and MPG, for traditional media, marketing services and data-driven interactivity.
Alain de Pouzilhac, chairman and CEO of Havas, said at the time: "During the last six months, Bob Schmetterer and I have analysed, on the one hand, the evolution and needs of our clients and of our market and, on the other hand, how to enable Havas to greatly improve the growth of its revenue and profits."
Havas has already begun the rebranding of agencies under the Euro RSCG name, while MPG is embarking on a global expansion strategy.
It also emerged last month that the chairman, executive creative director and chief executive of its WCRS advertising agency, Robin Wight, Leon Jaume and Stephen Woodford respectively, are engineering a management buyout from its French parent.
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