Televisa results climb

Restructuring efforts cut costs

By VARIETY STAFF

Mexico's media conglom Televisa reported improved operating results and higher margins for 1998, which it attributed to its restructuring and continuing efforts to cut costs.

Revenue fell 1.9% to $489 million for the quarter, due to changes to foreign exchange accounting, Televisa said. It reported 1998 income of $1.68 billion, up 1.9% from a year ago, even with the same f/x effect.

Operating margins for the fourth quarter rose to 25.5% versus 19.1% a year ago. Such margins for the full year were 15.8%, compared with 12.9% in 1997. The fourth quarter cash flow margin improved to 31.4%, its highest level since 1994, Televisa said.

For the quarter, Televisa had net income of $166 million, including a gain from the sale of part of its stake in U.S. network Univision, versus a loss a year ago. Net income for 1998 fell to $76 million, including foreign exchange losses and heavy losses in DTH versus a year ago.