Prisa profit below expectations
EmptyMADRID -- Spanish media empire Prisa Group posted a lower-than-expected profit of €99.2 million ($125 million) for the first nine months of the year, an 11.8% drop from the same period last year, the company said Friday.
A profit of €113.9 million ($143.6 million) had been projected for the nine-month period.
The group's operating revenue climbed 72.8% to €1.9 billion ($2.5 billion), while EBITDA grew 56% to €408.3 million ($514.8 million).
Prisa owns Spanish film and TV powerhouse Sogecable, which reported a third-quarter loss of €10.2 million ($12.7 million) on sales of $420.9 million.
Losses were largely due to startup costs at Sogecable's new free-to-air broadcaster, Cuatro, which launched last November and boasts a 6.5% market share. Some of the channel's highest ratings come from U.S. series "House" and "Grey's Anatomy."