REFILE-UPDATE 1-TVN unplugs 2012 targets after Q4 net disappoints
(Refiles to fix byline with no other changes to text)
* Q4 net profit 12 mln zlotys vs 42 mln expected
* Accounting changes related to pay-TV platform
* Proposes dividend of 0.1 zlotys/share
By Adrian Krajewski
WARSAW, Feb 15 (Reuters) - Polish media group TVN called off its 2012 guidance due to worsening economic conditions that should hurt the advertising market after reporting a larger-than-expected fall in fourth quarter net profit.PA> Canal+..
TVN has changed the accounting treatment of
The group said it expected the Polish television advertising market to be flat this year, but said it could no longer stand by its forecast of 11 percent sales growth.
TVN, one of Poland's top two private broadcasters, also blamed the move on changes within the company after it completes the planned merger of its loss-making pay-TV platform 'n' with the Polish unit of Vivendi's <VIV.the satellite unit, affecting all of its reported results in the fourth quarter except the bottom line.
For the last three months of the year, the group reported a net profit of 12 million zlotys ($3.8 million), well below the 42 million expected in a Reuters poll. In all of last year it had a loss of 317 million zlotys after the weak zloty increased its foreign-denominated debt.
Its reported revenue in 2011 rose only 2 percent to 1.96 billion zlotys last year, while on a comparable basis it grew 6 percent.
"Considering the exclusion of 'n', the results are weak because the market is very difficult," said Dariusz Gorski, an analyst at Bank Zachodni WBK.
Despite the full-year loss, TVN proposed a dividend of 0.1 zlotys per share, higher than the previous year's 0.04 zlotys. ($1 = 3.1838 Polish zlotys) (Editing by Helen Massy-Beresford)
- White House reverses, says Obama met uncle and lived with him during law school
- Flights delayed as air pollution hits record in Shanghai
- South Africa mourns Mandela, will bury him on December 15 |
- Analysis: Boeing bidders dangle goodies to win 777X jetliner
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image