(Adds more detail, background)
* Q3 net profit 62 mln zlotys, vs 56 mln forecast
* Revenue down 7 pct, in line with expectations
* Says plans Q4 savings to minimise EBITDA drop
WARSAW, Nov 7 Polish broadcaster TVN
posted quarterly results in line with expectations with a
stronger local currency helping it swing back to profit, while
spin-offs and market malaise capped sales.
TVN said on Wednesday it made a third-quarter net profit of
62 million zlotys ($19 million), compared with a forecast for 56
million in a poll, as a stronger zloty cut its
Sales fell 7 percent - in line with the TV adverting market
- to 311 million zlotys after TVN shed its internet and pay-TV
units to focus on its television business, and continued to
suffer from weak advertising.
"We expect conditions on the advertising market in the
fourth quarter to be close to those in the third," chief
executive Markus Tellenbach said. "The management maintains its
commitment to minimise their influence on full-year EBITDA
thanks to further savings in the fourth quarter."
The group's core operations have been hit by a drop in
advertising on the back of an economic slowdown. The broadcaster
has predicted advertising spending would shrink as much as 9
percent this year.
TVN, which relies on local versions of shows such as
MasterChef and its own programme formats, said its core EBITDA
profit kept its net debt to EBITDA ratio at 4.8.
($1 = 3.2217 zlotys)
(Reporting by Adrian Krajewski; Editing by Dan Lalor)