Growing French online publisher and ad network Hi-Media fell short of expectations when it saw profit collapse to €1 million in the first half of the year, from €5.8 million a year ago. But the Fotolog owner blamed the drop on interest from loans to finance acquisitions and on higher income tax from increased underlying profit, and CEO Cyril Zimmerman expects a positive rebound in the next six months.

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Hi-Media last month reported a slowdown in online advertising spend. But now turnover has grown 24 percent to €60.8 million on 17 percent better advertising sales, and Zimmerman says he is “demonstrating our resilience in uncertain advertising markets”.

Hi-Media recently took stakes in sport.fr, vivat.be and rue89.com and bought music site Magicrpm.com. It says Fotolog membership has doubled to 20 million since it bought the Flickr rival last year, with income there rising on sales of advertising and premium features; it’s now broken even. Release.