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ProSiebenSat.1: Q1 results down

( - The ProSiebenSat.
1 share at first fell in Frankfurt today, having dipped by up to 1.4% in morning trading, before regaining ground (about +0.5% at lunchtime), after the group published Q1 2020 adjusted net profit that is down 38% at 58 million euros, with adjusted EBITDA that fell 17% to 157 million euros.

Sales, however rose by 1% as reported, to 926 million euros (-1% in organic terms), with the German media group pointing out that revenues excluding TV advertising receipts represented 52% of the total, compared to 48% a year ago.

Prosiebensat.1 says that in view of the context created by the pandemic, it decided, on 22 April, to withdraw its FY 2020 targets, and will not pay a dividend for 2019.

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