August 25, 2013 19.32 Europe/London By Chris Dziadul

The Polish public broadcaster TVP has posted a pre-tax profit of PLN16.4 million (3.9 million) for the first seven months of this year.
In a statement, its says that this is better than its planned profit and the figure it achieved in the same period last year.
According to TVP, it now finds itself in a stable position in terms of liquidity.
Revenues from subscriptions in July amounted to PLN20.1 million, compared to PLN16.6 million, while in in the period January-July they were 25%, or PLN42.9 million, higher than a year earlier.
However, ad revenues in the first seven months of 2013 were 12.4% lower than a year earlier a reflection of the continued recession in the advertising market.
TVP says that falls in commercial revenues and viewing figures are a result of digitisation and competition from DTT channels.
As a result, it has had to diversify its revenue streams and other than from advertising, sponsorship and subscriptions these were 23.8%, or PLN19.4 million, higher between January-July than in the same period last year.
TVP adds that its operating expenses in the first seven months of 2013 were reduced by PLN72.8 million and were PLN19.5 million lower than planned.
Cost reductions and restructuring impacted on savings in programming.