Publishing prints 35.7% profit gain for Televisa
Net sales grew 45.9% to $ 433.65 million and operating profits surged 76% to $ 63.3 million, the company said Thursday.
Televisa reported that sales from its television business -- which accounted for 58% of net sales -- rose 20.7% in the second quarter.
A substantial portion of the company's growth of net sales resulted from its publishing business, which represented 17% of net sales.
Sales from publishing grew 843% because of Televisa's acquisition of Grupo America in July 1992 and the Mexico City daily newspaper Ovaciones in January.
With the $ 130 million acquisition of Grupo America, Televisa became the world's largest publisher of Spanish-language magazines.
The company also has a $ 200 million half-share in Pan American Satellite Corp., the world's only privately owned satellite network and has invested in U.S.-based Spanish broadcaster Univision Holdings Inc.
Mexico's television industry is among the fastest-growing in Latin America, with three national networks, a growing cable industry and the hemisphere's fastest-growing advertising market.
Televisa controls about 95% of Mexico's television audience.
