ProSiebenSat.1 Q3 earnings up 184%
German commercial broadcaster ProSiebenSat.1 has reported improved Q3 figures as its content production, digital and international channels businesses posted higher revenue. That offset weaker revenue in German-language TV markets where the company had to compete with the Summer Olympics on public broadcasters.
The company’s Q3 earnings increased by 184 per cent to €65.1 million. One-time items and lower interest helped the results. Recurring operating cash flow climbed 2.3 per cent to €167.3 million.
Revenue rose 7.1 per cent to €636.9 million, including a nearly 50 per cent jump in the company’s digital and other businesses.
ProSiebenSat.1 reiterated its financial guidance for the full year 2012. It projects revenue growth in the mid-single digit percentage range, higher underlying earnings and higher recurring operating cash flow.
“In the last few years, we have consistently invested in new growth markets. This is paying off today,” said ProSiebenSat.1 CEO Thomas Ebeling. “We are developing ProSiebenSat.1 from a traditional TV provider to a digital entertainment powerhouse – and are thus setting the course for a long-term, successful development of the group.”
German-speaking TV revenue declined 3.2 percent amid tough comparisons with a strong prior-year period and the Summer Olympics in London, which aired exclusively on public broadcast networks. ProSieben emphasized though that it saw a “positive start” into the fourth quarter.
The company said the combined viewership market share of its German channels Sat.1, ProSieben, kabel eins and sixx was 26.8 per cent in the third quarter, down from 29.4 per cent in the year-ago period.
ProSieben’s international broadcasting unit saw higher TV advertising and distribution revenue driven by its networks in Scandinavia. Norway and Denmark in particular increased their TV advertising revenue.