Milan-based Mediaset has reported a 42.5 per cent annual drop in profit during the first half of 2018, to €42.8 million.
Net revenues were stable at €1.84 billion, of which €1.34 billion were achieved in Italy (€1.33 billion in H1 2017) and €507.9 million in Spain (€508.5 million in H1 2017).
Revenues in both countries were determined by positive trends in the advertising market, resulting from the exclusive TV rights to the World Cup acquired for both countries.
In Spain, gross TV advertising revenues reached €502.3 million (€501 million in H1 2017), while in Italy they grew 2.2 per cent to €1.10 billion, a significant result when compared to the overall 1.4 per cent drop of the total Italian advertising market in the period January-May 2018.
Current estimates for the January-July period is for a 4 per cent increase in ad revenue compared to the same period of 2017.
Net financial debt amounted to €1.41 billion, compared with €1.39 billion a year earlier.
Mediaset’s channels confirmed their net leadership in the commercial target, both in Italy and Spain, in all time slots.
The broadcaster expects to benefit from the first positive effects of the digital transformation of the pay-TV offer in Italy launched during the first half of the year. On this basis, Mediaset said it can confirm the aim of achieving positive operating profit and a consolidated net result at the end of the year.