Mediaset: nine-month profit falls as ad revenue drop
(CercleFinance.com) - Mediaset, Italy's largest private broadcaster, has announced that its net profit has crumbled over the first nine months of the year as a plummeting ad market due to the Covid-19 lockdown took its toll.
The broadcaster, which is owned by the family of former Premier Silvio Berlusconi, reported a profit of just 10.5 million euros for the first nine months of 2020.
This is a far cry from its 2019 net profit of 92 million euros over the same period.
Nine-month revenues fell from over two billion euros in 2019 to 1.7 billion euros in 2020, due to a 17% drop in net advertising revenues, Mediaset said.
However, its shares were up 6% in Milan today, with investors continuing to prefer cyclical stocks, whose share prices have suffered the most since the onset of the Covid-19 pandemic.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The broadcaster, which is owned by the family of former Premier Silvio Berlusconi, reported a profit of just 10.5 million euros for the first nine months of 2020.
This is a far cry from its 2019 net profit of 92 million euros over the same period.
Nine-month revenues fell from over two billion euros in 2019 to 1.7 billion euros in 2020, due to a 17% drop in net advertising revenues, Mediaset said.
However, its shares were up 6% in Milan today, with investors continuing to prefer cyclical stocks, whose share prices have suffered the most since the onset of the Covid-19 pandemic.
Copyright (c) 2020 CercleFinance.com. All rights reserved.