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TVN Group 2Q results beat management targets

2007-08-14

Private Polish broadcaster TVN Group (www.tvn.pl) said its second-quarter results beat management's own expectations, with revenues up 32% from the same period in 2006 to 407 million zloty (€109 million). Net profit shot up 64% to 139 million zloty, from 85 million zloty in 2006.

EBITDA (earnings before interest, taxes, depreciation and amortization) rose 25%, while operating profit rose by 23% to 156 million zloty, according to results released Aug. 10.

Chief executive Piotr Walter attributed the rise to better performance than expected by the group's thematic channels, in particular TVN24 and TVN Style.

Walter said the acquisition of the teleshopping company Mango Media during the second quarter was an important step that will diversify revenues and provide TVN with strong future growth opportunities.

TVN also reported that during the second quarter its nationwide audience share rose to 21.9% from 20.4% in the comparable 2006 period. Prime time audience share edged up to 20.7% from 20.3%.

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