Sogecable posts 'best quarterly results'
EmptySpanish film and television company Sogecable posted a net profit of €34.8 million ($48 million) in the second quarter, up from €4.4 million for the same period in 2006, the company said.
"Sogecable achieved its best quarterly results since it went public eight years ago this week," CEO Javier Diez de Polanco said.
Sogecable shares rose €0.50 in Madrid to €29.38 ($39.04) on Tuesday ahead of its first-half earnings figures delivered after the close of trading and edged up 1.8% on Wednesday after positive comments from Goldman Sachs and Deutsche Bank.
Earnings before interest, taxes, depreciation and amortization hit €109.9 million ($150.4 million), up 62.5% year-over-year, while net bank debt declined €103.5 million ($142.8 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 2 million subscribers, as well as free-to-air channel Cuatro, which debuted in 2005.
According to Sogecable's earnings 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 before interest and taxes reached €15.4 million ($21.2 million).