Mediaset: 9m results fail to convince market
(CercleFinance.com) - Italian broadcaster Mediaset said its operating profit (EBIT) and net profit for the first nine months of the year were ahead of its targets announced at the beginning of the year.
The group's net profit for the period to 30 September rose to 101.5 million euros, compared with 27 million euros over 9m 2018, almost four times higher. Its operating profit (EBIT) increased by 64.7% to 188.6 million euros, with the seasonally weak third quarter in Italy having been offset by Spain, where operating profit rose to 190.2 million euros from 181.7 million euros.
Net revenues came in at 2 billion euros, from 2.4 billion euros in the first nine months of 2018. Mediaset reaffirmed its FY expectations, including an improvement in operating profit (EBIT) and consolidated net profit, although the market didn't seem impressed, with the share down 2.6% in Milan on Wednesday.
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