France's TF1 sees Q2 profit slump on programming costs
PARIS, July 25
PARIS, July 25 (Reuters) - France's largest private broadcaster TF1 posted second-quarter sales of 556 million euros ($748 million), below expectations and amid continuing weakness in demand for advertising.
Analysts had been expecting sales of 566 million euros, according to Thomson Reuters I/B/E/S.
TF1's quarterly operating profit fell sharply to 13 million euros from 63.3 million in the same period a year ago because of higher costs associated with broadcasting the soccer World Cup.
The group, which competes with state-backed France Televisions and private peer M6, also confirmed a goal to achieve 19 million euro of recurring cost savings in the second half of the year. ($1 = 0.7425 Euros) (Reporting by Leila Abboud and Gwenaelle Barzic)