UPDATE 1-Cyfrowy Q3 net down 29 pct on marketing costs
* Q3 net profit 60 million zlotys, vs forecast 57 mln
* Sales up 11 pct to 323 mln zlotys, meets expectations
(Adds detail)
WARSAW, Nov 10 (Reuters) - Poland's top pay-TV operator, Cyfrowy Polsat CPSM.WA, reported a 29 percent fall in third-quarter net profit, hurt by mounting marketing costs to fend off aggressive competitors.
Cyfrowy, controlled by Poland's richest man Zygmunt Solorz, earned 60 million zlotys ($21 million), just above the 57 million forecast in a Reuters poll. Sales grew 11 percent to 323 million zlotys, bang in line with analysts' expectations.
The group has won the top position on the crowded Polish market thanks to its emphasis on cost-conscious clients. But aggressive rivals owned by France's Vivendi (VIV.PA) and Polish TVN TVNN.WA have forced Cyfrowy to ramp up spending ahead of the key holiday shopping period.
Concerns over the competitive market and slowing economy have weighed on Cyfrowy shares, which rose 4 percent this year compared to a 27 percent gain by Warsaw's main index .WIG20.
(Reporting by Adrian Krajewski; Editing by Dan Lalor)
($1 = 2.820 zlotys)
((adrian.krajewski@thomsonreuters.com; +48 22 653 9709; Reuters Messaging: adrian.krajewski.thomsonreuters.com@reuters.net)) Keywords: CYFROWY/
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