Prisa media group profits rise 9 percent

20th July 2007, Comments 0 comments

20 July 2007, MADRID - Spanish media group Promotora de Informaciones SA posted a 9 percent increase in first-half net profit, helped by stake hikes in Portugal's Grupo Media Capital SGPS SA and in Spanish television broadcaster Sogecable SA.

20 July 2007

MADRID - Spanish media group Promotora de Informaciones SA posted a 9 percent increase in first-half net profit, helped by stake hikes in Portugal's Grupo Media Capital SGPS SA and in Spanish television broadcaster Sogecable SA.

Prisa, as the media conglomerate is also known, said its net profit rose to EUR 73.3 million (US$ 101.2 million) in the first six months of the year, from EUR 67.3 million (US$ 92.9 million) a year earlier.

Prisa raised its stake in Media Capital to 73.7 percent from 33 percent earlier this year. It raised its stake in Sogecable to 43 percent in April of last year.

Some of Prisa's other media properties include El Pais, Spain's biggest selling newspaper, as well as radio networks in Spain, Portugal and Latin America.

Prisa said its first-half revenue jumped 52 percent to EUR 1.85 billion (US$2.55 billion), while its earnings before interest, tax, depreciation and amortization, or Ebitda, rose 45 percent to EUR 378.7 million (US$532.1 million).

Prisa also operates publishing companies in the music and educational sectors.

Prisa shares closed at euro16.15 (US$16.52) in Madrid trading.

[Copyright AP with Expatica]

Subject: Spanish news

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