The Week: City News - Omnicom sees profits fall

Omnicom Group's net income fell by 21 per cent in the first quarter of 2009, while profit dropped to $164 million, compared with $209 million for the first quarter of 2008.

Worldwide revenue was also down, falling 14 per cent to $2.7 billion from $3.2 billion for the same period last year. The company's advertising businesses experienced the smallest drop, down 12 per cent compared with its speciality division, which saw revenue fall by 20 per cent.