RTL Group 1st Half Profit Plunged on TV Advertising Market Decline
August 13 2020 - 5:11AM
Dow Jones News
By Olivia Bugault
RTL Group SA said Thursday that net profit in its first half
plunged on the back of declining TV advertising markets in Europe
due to the pandemic.
The Luxembourg-based media company said net profit fell to 94
million euros ($110.8 million), compared with EUR393 million for
the same period last year.
Revenue fell 16% to EUR2.65 billion, while adjusted earnings
before interest and taxes and amortization dropped 52% to EUR258
million, it said.
RTL Group expects the decline of TV advertising markets to slow
down in the third quarter, meaning that revenue from TV advertising
should be down by roughly 10% in the third quarter compared with
the same period last year. However, elevated uncertainties remain
for the last quarter of the year, it said.
"Consequently, RTL Group is currently not in a position to
provide a new outlook for the full year 2020, except that RTL
Group's full-year 2020 revenue and Adjusted EBITA will be
significantly below 2019 and other recent years," it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 13, 2020 04:56 ET (08:56 GMT)
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