July 29, 2014 / 4:16 PM / in 4 years

Weak Italy revenues push Mediaset into the red in H1

MILAN, July 29 (Reuters) - Italy’s biggest broadcaster Mediaset reported a net loss in the first half, as solid results at its Spanish unit failed to offset falling domestic revenues.

The company, which is controlled by former Italian prime minister Silvio Berlusconi, reported a first-half net loss of 20.5 million euros ($27.49 million), down from a net profit of 30.1 million euros in the same period last year.

Its consolidated revenues fell to 1.72 billion euros from 1.74 billion, as Italy’s economy struggles to emerge from a long recession, weighing on TV advertising spending, the group’s main source of income.

Mediaset said it was unable to make reliable predictions about its full-year results given the economic situation in Italy, adding that the visibility on advertising spending remained poor.

Its Spanish unit Mediaset Espana posted a 58.6 percent rise in core profits last week, helped by rising revenues. ($1 = 0.7458 Euros) (Reporting by Agnieszka Flak; Editing by Lisa Jucca)

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