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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