MILAN (Reuters) -MFE-MediaForEurope, the commercial broadcaster controlled by Italy’s Berlusconi family, on Wednesday posted a 22.5% annual fall in its operating profit in the first half of the year.
This was the result of weaker advertising revenues in Spain, offset by growth in its core Italian market.
MFE, which runs TV businesses in Italy and Spain, said its earnings before interest and taxes (EBIT) stood at 106 million euros ($124.43 million) in the six months ending June 30, from 136 million euros the year before.
That compared with an analyst consensus forecast, provided by the company, of 94 million euros.
Advertising sales rose 2% to 1.1 billion euros in Italy, but fell 8% to 363 million euros in Spain.
MFE said that trend was confirmed in July and August, when Italy confirmed higher sales than in the previous year, while the market in Spain remaining weak.
The Milan-listed broadcaster, which this month secured a 75% stake in German peer ProSiebenSat.1 as part of its European expansion strategy, said it still expected to achieve “strongly positive” results this year on a-like-for-like basis.
($1 = 0.8519 euros)
(Reporting by Elvira PollinaEditing by Keith Weir and Alvise Armellini)
