Sogecable reports best profits since float

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MADRID -- Spanish film and television company Sogecable posted net profits of €34.8 million ($48 million) in the second quarter, up from €4.4 million for the same period in 2006, the company said Wednesday.

"Sogecable achieved its best quarterly results since it went public eight years ago this week," CEO Javier Diez de Polanco said in a statement.

EBITDA profits hit €109.9 million (£151.5 million), up 62.5% year-to-year, while net bank debt declined €103.5 million ($142.7 million) in the quarter and amounted to €916.1 million ($1.3 billion) as of June 30.

Sogecable, part of the Prisa Group media empire, owns satellite platform Digital Plus, which has two million subscribers, as well as free-to-air channel, Cuatro, which debuted in 2005.

According to the statement, Cuatro's market share reached 8.1%. Some of the broadcaster's highest ratings come from U.S. series "House" and "Grey's Anatomy."

"Cuatro met its expectations earlier than anticipated and has already reached its first quarterly profits, benefiting from excellent audience trends and advertisers' interest in the channel," Diez de Polanco said.

Cuatro's quarterly profits reached EBIT of €15.4 million ($21.2 million).
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