Mediaset posts profit for 2003
TV group reports 2% increase in net profit
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The Milan-based TV group reported a 2% increase in 2003 net profit on Tuesday. The broadcaster added that profits are expected to improve in the first half of 2004, thanks to a recovering advertising market.
Mediaset, which controlls three Italian terrestrial channels and Spanish Telecinco channel, said that its 2003 net profit rose to e370 million ($456 million), at the lower end of analysts' forecasts.
Year revenues were in line with expectations at $3.78 billion ( up 32.5%), mostly from advertising sales. This result includes Telecinco's $796 million revenues.
In the first two months of 2004, both Italian channels and Telecinco confirmed the recovery in advertising sales: in Italy they increased year-on-year by 7.2% and in Spain by an impressing 24.6%.
Mediaset said that a "consolidation of the recovery in the TV advertising market began in the second half of 2003. It is now reasonable to predict for the first part of 2004 an improvement in operating profitability and cash generation compared with 2003."
Pre-tax profit for 2003 rose 35.8%, while operating profit rose 47% to just over $1 billion, exceeding expectations.
