July 6, 2015 / 11:02 PM / 5 years ago

UPDATE 1-Mexico's Televisa profit drops on higher financial costs

(Adds results detail)

MEXICO CITY, July 6 (Reuters) - Mexican broadcaster Televisa, the world’s biggest producer of Spanish-language television content, on Monday reported a 40 percent fall in its second-quarter profit as its financial costs rose.

The company reported a profit of 1.329 billion pesos ($85 million), down from 2.212 billion pesos in the year-earlier quarter.

Net financial costs rose 42.3 percent in the three months to end-June, mostly due to a weaker peso against the dollar and higher debt interest payments. The company said depreciation and amortization expenses rose 33.5 percent.

Sales rose 8.5 percent in the quarter, driven by a strong performance in its satellite TV unit Sky, which added 120,582 subscribers, and its cable TV businesses, which saw sales jump 43.8 percent.

Televisa’s advertising segment reported a 16.4 percent drop in revenue, partly due to a strong quarter last year during the FIFA World Cup, and the mandatory airing of political ads ahead of Mexico’s midterm elections in June, the company said.

Earlier this month, U.S. Spanish-language media company Univision, which is part-owned by Televisa, filed for an initial public offering in the United States.

$1 = 15.6950 pesos at end of June Reporting by Christine Murray; editing by Diane Craft

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