Spain's Prisa reports 16% decline in profits
Firm's share price rises 7%
MADRID -- Net profits for media giant Prisa, the 21% managing shareholder of Spanish pay TV giant Sogecable, dropped 16.1% to 7.0 billion pesetas ($36.6 million) in the first half of the year. Revenues leaped 12% to $511.2 million.
Company sources attributed the fall in profits largely to investment in new business, including the acquisition of regional newspapers and local TV nets in Spain. Advertising receipts at Prisa's companies, such as daily newspaper El Pais and radio net Cadena Ser, fell only 2.4% despite an estimated 11.2% decline in Spain's overall ad market.
