BREAKING NEWS

Mediaset nine-month net profit jumps as lower costs offset fall in ad sales

Mediaset nine-month net profit jumps as lower costs offset fall in ad sales
FILE PHOTO: The Mediaset tower is seen at the headquarter in Cologno Monzese, near Milan, Italy, April 8, 2016.REUTERS/Stefano Rellandini/File Photo -
Copyright
Stefano Rellandini(Reuters)
Euronews logo
Text size Aa Aa

MILAN (Reuters) – Mediaset <MS.MI> reported a four-fold jump in net profit in the nine months to end-September to 101.5 million euros, as lower costs offset a fall in advertising revenues due to a shortage of high-profile sports events.

The Milan-based company, controlled by the family of former Prime Minister Silvio Berlusconi, reported a 64.7% increase in operating profit (EBIT) to 188.6 million euros from the same period a year ago.

Despite poor market visibility, “the underlying trend will make it possible to improve on the positive results recorded at the end of the first nine months of 2019,” Mediaset said in a statement.

Domestic advertising revenues fell to 1.332 million euros from 1.458 million euros in the same period last year.

The group’s total operating costs fell by 21% 1.842 million euros.

(Reporting by Elvira Pollina; editing by James Mackenzie)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.