ProSiebenSAT1 sees 'record year' after strong third quarter

3rd November 2011, Comments 0 comments

German television group ProSiebenSAT1 said on Thursday it was set for another record year this year after strong sales and earnings in the third quarter.

"We're on the home stretch for another record year," said chief executive Thomas Ebeling in a statement.

"We made huge progress again in the third quarter and lifted revenues in all divisions."

ProSiebenSAT1 noted that the sale of its television activities in Belgium and the Netherlands in June had distorted earnings and sales in the third quarter.

One of the effects of the divestment was that the headline figure for revenues declined, while bottom-line net profit ballooned to 340.3 million euros ($467 million) -- a ten-fold increase -- as a result of the windfall gain.

Ironing out the one-off effects, net profit from "continuing operations" actually declined by 42 percent to 11.4 million euros in the period from July to September, while revenues rose by 8.9 percent to 594.5 million euros, the group said.

© 2011 AFP

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