Spain's Antenna 3 doubles profits in H1
TV ad surge boosts revenues 16% to $552 milMADRID -- A surge in television advertising helped Spanish media group Antenna 3 to more than double its net profits during the first half of the year to €57.6 million ($76 million), the country's second private broadcasting company reported Thursday.
Total net revenue for the group was €422 million ($552 million), up 16% over the same period in 2009.
In its television broadcast division which includes the channels Antenna 3, Nova and Neox, a company statement said net revenues were €361 million ($472 million) for a 16% rise, thanks to a 22% increase in gross ad sales to €363 million ($474 million).
Net television ad sales were €346 million ($45 million) while the group's radio division's net income was up 3.4% to €49 million ($64 million).
In the statement, Antenna 3 noted that the total television ad market in Spain had risen by 7.4% in the January to June reporting period compared to first half 2009.
In a recent report, the ad market monitoring firm Infodex said private broadcasters had benefited greatly from the end to ads on pubcaster RTVE since last January.
Antenna 3 continued its battle to grab television audience share from leading broadcaster Telecinco, with the group's share at 15% and 12% for flagship channel Antenna 3, figures which correspond with the rival's own calculations released on Wednesday.