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Danish media group North Media presented its Q3 report this week, showing falling revenues in its main businesses, free newspapers and distribution services. The total revenue of the group amounted to DKK 814.7 million ($120.4 million U.S.), down 3% compared to the same period last year.

However, North Media Online showed growth in its rental classified business, which saw a 9% increase in revenue.

At the same time, revenue from jobs decreased by 3% in Q3, confirming reports from JobIndex in Denmark that the job market is in decline. North Media was still able to present growth in jobs earnings by reducing costs.

Earnings before interest and taxes (EBIT) came to DKK 95.0 million ($14.1 million U.S.) in the first three quarters of the year, up DKK 28.6 million from the previous year. Overall, North Media Online realized a profit of DKK 5.2 million, up DKK 8.9 million up compared to 2018.

North Media’s online segment is made up of property verticals BoligPortal and BostadsPortal, job board Ofir, and recruitment software developer MatchWork.

It is interesting to note that North Media has used its strong cash position to move into buying equities. The company reported 15 different stocks, with investments in Amazon, Facebook and PayPal. Collectively, the company’s holdings are worth DKK 396.4 million.

North Media is listed on OMX Small Cap in Copenhagen.