Vértice 360º losses pass €10MN mark

Iñaki Ferreras | 01-11-2012

Spanish TV producer Vértice 360º ​​has seen its losses grow by a factor of 8.8 for the first nine months of the year to close the period with a deficit of €10.92 million compared with €1.23 million for the same period last year.
The company has stated in to the National Securities Market Commission (CNMV) that these figures are due to increase in interest expense resulting from the divestment of Lavinia and PowWow, of €1.94 million, and non-recurring expenses arising from the restructuring, which amounted to €2.4 million.
Vértice 360 º has stated that it expects to make a successful restructuring plan in the fourth quarter of 2012, and notes that without restructuring costs, net profit would have stood at €6.5 million. Yet its revenues were € 69.2 million for January-September compared with €104.07 million for the same period last year, mainly due to the lack of contribution from Lavinia. Excluding the effect of Lavinia, the fall would have been 14%.