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Polish broadcaster TVN has reported a 70 per cent fall in its net profit to 36.9 million zlotys (€8.8 million), after a weaker zloty raised the costs of it debt.
Revenue rose 2.7 per cent to 445.4 million zlotys, while core profit EBITDA fell by a tenth to 164 million. The group’s EBITDA margin dropped to 36.8 per cent from 42.1 percent a year earlier.
TVN, one of Poland’s two largest brodcasters, is controlled by US media group Scripps Networks Interactive, which last month offered to pay 3.2 billion zlotys to buy the remaining TVN shares and delist the company.
Commenting on the results, Markus Tellenbach, Chief Executive Officer said: “TVN results in the first half of the year reflect softer than expected performance of the main channel’s programming schedule combined with lower advertising market dynamics which we attribute to uncertainties around Presidential elections in Poland as well as economic situation of Greece and its potential impact on European Union. In such market environment we have maintained our adjusted EBITDA profitability thanks to balanced revenue and operating costs growth, predominantly related to further investments in our programming offer. We are now looking forward to the second half of the year, with bookings for July and August indicating acceleration in the market, which TVN will capitalise on with fall programming schedule introducing new shows and series.”