TV Azteca posts 5% drop in net income

Quarterly net profit comes in at $23 mil

MEXICO CITY -- TV Azteca, Mexico's No. 2 network, on Wednesday posted a 5% drop in second-quarter net income on flat advertising revenue.

Mexico City-based Azteca reported a quarterly net profit of 307 million pesos (about $23 million), down from 323 million pesos a year ago. Net sales came in at 2.5 billion pesos, about the same as last year's figure. The economic downturn in Mexico has brought on a soft advertising market.

Sales at Azteca's U.S. Spanish-language network Azteca America rose 68% for the period, yet the broadcaster still ranks a distant third behind market leaders Univision and NBC Universal's Telemundo.

TV Azteca claims it gained ground on Mexico's top network, Televisa, in terms of daytime commercial audience share.