Telecinco 9-month net profit slumps 13%
Dwindling television advertising revenues blamedMADRID -- Spain's most profitable television channel, Telecinco, said Thursday that its net profit slid to 228.3 million euros ($299.3 million) for the first nine months of 2008, a 13.1% drop from the same period last year.
The company blamed the "negative evolution of the advertising market since May" for the 4.7% drop in revenue, which totaled 735 million euros ($963.4 million). Television advertising revenue amounted to 691 million euros ($905.9 million) compared to 739 million euros from the same period last year.
Operating costs grew 0.3% to hit 410.6 million euros ($538.2 million), with a sizable 10.2% drop -- or 104 million euros ($136.2 million) -- in rights acquisition.
Meanwhile, rival private broadcaster Antena 3 saw its net profit plunge 46.5% to 71.3 million euros ($93.4 million) for the first nine months of the year, compared with 133.4 million euros for the same period last year.
Sales fell 14.9% to 624.8 million euros ($818.7 million), with costs dropping 4.6% to 488 million euros ($639.3 million) so far in 2008.