Polish TVN says shifts to in-line Q1 net profit

WARSAW Wed May 14, 2014 1:19am EDT

WARSAW May 14 (Reuters) - Polish broadcaster TVN shifted to net profit of 11.14 million zlotys ($3.7 million) in the first quarter of 2014, in line with analyst forecasts, thanks to an uptick on the television advertising market, it said on Wednesday.

A year ago the group reported a net loss of 44 million zlotys after a weaker zloty raised the costs of its euro-denominated debt in the face of dire advertising market conditions.

Earlier this year, TVN announced a looming turn-around in the television ad market, expecting it to rise from low- to mid-single digits percentage wise this year and allowing for share buy-back and debt redemption. ($1 = 3.0501 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by Marcin Goclowski)