Telecinco Q1 net profit doubles
Spanish broadcaster sees advertising revenues rise 32%MADRID -- Spanish broadcaster Telecinco announced net profits of €58.9 million ($75 million), a 101% increase over the same period last year, as it posted first quarter results Thursday.
Telecinco cornered 33.2% of the ad market and earned €192.4 million ($246 million) -- a 32% rise from 2009 -- in gross advertising revenue.
The network also maintained it lead as the most-watched commercial broadcaster, averaging 14.9% audience share -- ahead of Antena 3's 12.5%. Fledgling broadcaster Cuatro, which Telecinco acquired earlier this year, represents 6.8% of the audience.
The company credited the elimination of advertising at pubcaster TVE instated at the beginning of 2010, the new General Audiovisual Law and the analogue blackout in effect since April 2010 as the key factors in its stellar 1Q results.