Prisa profits plummet
Iñaki Ferreras ©RapidTVNews | 25-10-2011 Profits at Spain’s premier media group Grupo Prisa during the first nine months of 2011 have taken a turn for the worse, at €17.93 million only a fifth of what they were at the same time in 2010.
According to some Spanish market analysts, this performance is the direct consequence of the removal of former Prisa free-to-air channel Cuatro and also the cost and large indemnities related to firing workers.
The company’s financial report also highlights that Group Prisa’s exploitation incomes reached more than €2 billion, meaning a downturn of 2.4% in comparison with the same period in 2010. At the same time, the advertising income was €443.69 million, a slide of 7.2% with regard to the first nine months of 2010. As for the company’s EBITDA, it too fell almost by a fifth to €380 million.
One bright spot was Grupo Prisa’s Latin American operational incomes which grew 14.1% in this period, thus accounting for 22% of the group’s total incomes. In this region the company’s total income grew 10.3%, reaching €584.84 million. In this growth the business in Latin America and the US played an important role, where the incomes grew 15.5%. Also the corporate business incomes were higher in this area, rising by 17.5% to €77.76 million.