UPDATE 2-Poland's TVN launches share buyback after shift to profit
* Plans to buy back up to PLN 100 mln of shares to June 11
* Expects PLN 120-150 mln buyback at year-end
* Sees local TV ad market growth at mid-single digit rate (Adds share buyback plans, Q1 details)
By Adrian Krajewski
WARSAW, May 14 (Reuters) - Polish broadcaster TVN announced the first tranche of a share buyback programme after lower debt costs and a recovering television advertising market helped it shift to a profit in the first quarter.
As part of its 500 million zloty ($164 million) buyback plan, TVN wants to purchase up to 1.44 percent of its stock for up to 100 million zlotys, or 20 zlotys per share, until June 11.
It expects another buyback offer for 120-150 million zlotys at the end of the year. It already redeemed 35 million euros ($48 million) of bonds, booking more than half of its 2014 bond buyback target.
Saddled with euro-denominated debt costs and struggling with a dire advertising market, TVN moved to spin off businesses to cut debt and revive profits in recent years.
Earlier this year, it said it saw a recovery in the television ad market, allowing for the buybacks of shares and bonds.
TVN's revenue rose 2.5 percent in the first quarter to 352 million zlotys, while net profit amounted to 11.14 million, in line with analyst forecasts.
A year ago the group, which broadcasts Polish versions of MasterChef or Project Runway to compete with larger rival Cyfrowy Polsat, reported a net loss of 44 million zlotys after a weaker zloty raised the costs of its debt. ($1 = 3.0501 Polish zlotys) ($1 = 0.7296 euros) (Editing by Tom Pfeiffer)