Italian broadcasting group Mediaset reported net revenues of €718.2 million in the first quarter of 2019, compared to €839.2 million for the period January-March 2018.
The Italian market accounted for €492.1 million, with Spain contributing €226.1 million, both down year-on-year due to a slowdown in the advertising market.
Group EBIT increased significantly from €28.7 million to €78.5 million, of which €11.9 million in Italy and €66.6 million in Spain. Net profit reached €39.8 million, a huge increase on the €3.5 million in the same period of 2018.
Among the reasons for the positive performance the positive effects of the digital transformation of its pay-TV offer in Italy during the second half of 2018. Due to the conclusion of football contracts for pay-TV, there was a 25.5 per cent fall in operating costs to €480.3 million.
Net debt fell €791.9 million, from €877 million at December 31st 2018.
In the period January to March 2019, Mediaset confirmed its net leadership in the commercial target, both in Italy and in Spain.
The trend in advertising sales in Italy during Q2 should remain in line with that of Q1, while Group margins and cash flow should continue growth compared with 2018.