• by Joe Mandese  @mp_joemandese, March 3, 2009

At a time when Madison Avenue's big agency holding companies are beginning to report the lagging effects of the economic recession on their bottom lines, Havas appears to be beating the trend - for now. On Monday, the French agency holding company reported a 4.7% rise in calendar year revenues and a 2.0% gain in fourth quarter revenues.

"For the first time in its history, Havas posts a net income of over 100 million euros," Havas CEO Fernando Rodes Vila stated in the earnings announcement, adding, "We ended 2008 with +4.7% growth and a fourth quarter with +2.0% growth while the industry as a whole is for the moment reporting weaker or negative growth."

Rodes Vila attributed Havas' performance to its "ability to adapt, our creativity, our media expertise, growth in our digital business and the balanced geographic spread."

Havas' results come days after Interpublic reported a relatively strong 2008 results, which nonetheless reflected a 2.0% decline in organic growth during the fourth quarter. By comparison, Havas' organic revenues rose 2.0% during the same quarter.

Havas is the parent of media networks such as MPG, Media Contacts, Havas Media and Havas Digital, and its balance sheet will be scrutinized carefully, because of speculation that it might make a run at London-based Aegis Group, the parent of Carat, Isobar, Posterscope and other media and research operations.

As part of Monday's statement, Havas noted that all of its media agencies posted "above the market" or double-digit growth.

During the period, Havas Media won new business from including Hugo Boss, Lan, Telefonica, Reckitt Benckiser, Mucinex, La Francaise des Jeux and Banorte.