TV advertising slump pushes ProSiebenSat.1 into the red
The ProSiebenSat.1 television group slipped into the red at the start of the year. The reason is the persistently weak TV advertising business.
Adjusted for special items, depreciation, amortization and impairment losses, shareholders incurred a loss of 15 million euros in the first quarter, compared with a profit of 38 million euros in the prior-year period, the company, which is listed on the German MDax share index, announced on Friday. Sales fell by 13.3 percent to 816 million euros in the same period.
Customers are still finding it difficult to place advertising for their products as a result of the consumer slump. However, the mood should brighten for the rest of the year, said Group CEO Bert Habets confidently: "We are already seeing significant improvements in advertising bookings in June compared to the previous months." Accordingly, adjusted operating profit (EBITDA) for the second quarter should be in the mid to high double-digit million euro range.
For the full year, the manager continues to expect sales of 3.95 billion to 4.25 billion euros and adjusted earnings before interest, taxes, depreciation and amortization of 550 million to 650 million euros. Compared with the new adjusted prior-year figures, the results could be both better and worse. (SDA)
