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UPDATE 1-TVN results meet expectations, flags savings
November 7, 2012 / 7:11 AM / in 5 years

UPDATE 1-TVN results meet expectations, flags savings

(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 (Reuters) - 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 foreign-denominated debt.

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)

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