TF1 back to profit despite lower ad revs
Pascale Paoli-Lebailly | 08-11-2013
French private broadcaster TF1 has reiterated its full-year 2013 consolidated revenue forecast of 2.5 billion on a constant basis despite a "continuing poor visibility and strong volatility in the advertising market".
Posting higher operating profit for the third quarter of 33.5 million, up 65% over one year, and a net profit at 19.6 million compared to a 5.9 million loss in 2012, the group also registered lower ad sales over the period.
Tf1 Group's ad revenues are down 3.3% in the third quarter, reaching 339.8 million out of a total revenue down 2.5 % at 538 million.
During the third quarter, the group generated 13 million of recurring savings under Phase II of its optimisation plan, that includes 8 million of programming cost cuts.
Since June 2012, the recurrent savings amount to 44 million out of the 85 million target to be achieved by the end of 2014.