Trial takes toll on Televisa Q1
Network earns quarterly income of $69 milMEXICO CITY -- Mexican media giant Televisa reported a 7% drop in first-quarter net income Thursday on higher financing costs and affiliate losses.
The network earned a quarterly net income of 978 million pesos ($69 million), compared with 1.05 billion pesos a year earlier. Televisa took a hit from increased debt financing, losses at its Spanish affiliate network La Sexta and legal costs associated with a trial against its U.S. partner, Univision.
Net sales, however, rose 19% to 11.4 billion pesos, as Televisa's cable and telecom division posted a whopping 110% increase in revenue. The spike in sales is due in large part to the acquisition of rival cabler Cablemas. Additionally, Televisa's Mexico City cable operator, Cablevision, has lured a growing number of Internet clients.