TF1: Q1 results hit by coronavirus
(CercleFinance.com) - Late on Wednesday TF1 reported Q1 2020 revenue of 494 million euros, down 10.
"After a performance in line with our expectations in January and February, this decrease reflects a gradual increase in cancellations of advertising campaigns during March in response to the Covid-19 crisis," the group said.
Underlying operating income, reached 42 million euros, down 33.2%. Finally, net income reached 24 million euros, down 40.9%.
"The ongoing crisis will have a very strong impact on the second quarter of 2020 across all of our activities, due to the extension of the lockdown period and the fact that we cannot continue to adjust our variable costs on the same scale over the longer term. In addition, resumption of our normal activities could be a slow and gradual process," TF1 warned.
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