TVN Group: Disappointing Q210 result

Aug. 13, 2010 - PRLog -- TVN Group registered a consolidated net loss of PLN 98 million (US$31.3 million) in Q2, compared to a profit of PLN 148 million (US $47.3 million) for the same period last year. This loss came in below expectations, as the average result predicted by analysts was a net loss of PLN 71 million (US $22.7 million).

At the same time, TVN saw consolidated revenues rise by 13% to PLN 658.22 million (US $ 210.4 million) compared to PLN 580 million (US $185.5 million) seen a year ago.

According to TVN, the negative result is mainly attributable to the depreciation of the PLN vs. EUR in the second quarter. Increase in net interest cost by PLN 25 million (US $7.9 million ) year-on-year to PLN 74 million was another important factor impacting net profit.

TV segment revenue rebounded by PLN 23 million (US $7.3 million) or 5% year-on-year. The overall TV advertising in Poland increased year-on-year by 8% in the second quarter of 2010. TVN advertising revenues outperformed the market and increased by almost 9%.

Pay TV revenue increased by PLN 42 million (US $13.4 million) or 38% year-on-year. The main contribution came from the post-paid subscriptions, which delivered a revenue increase of 32% and added net 6 thousand subscribers.

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