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TVN posts first quarter loss

2009-05-14

Commercial Polish broadcaster TVN posted a first quarter 2009 loss of PLN 29 million (6.5 million Euro), compared with a PLN 63 million profit in first quarter 2008.

The company attributed the unexpectedly large drop primarily to foreign exchange losses on revaluation of the Euro. At the same time, administrative expenses rose 68.5%, due to increased staff expenses (both rising salaries and additional staffing), as well as a net loss for its digital "n" platform, after TVN increased its stake in "n" to 51%.

TVN applied to the National Broadcasting Council for permission to cease broadcasting of its TVN Lingua channel on July 15. The news marks the early stages of what may become a trend in the region; Estonian channel TV4 (formerly Kaleev Sport) announced bankruptcy and ceased broadcasts at the beginning of May.

The loss was offset by other positive results for the TVN Group (investor.tvn.pl). Digital platform "n" increased subscriber base 77%, to 549,000. The company's share of the national TV ad market grew slightly, to 35.2%, although a declining ad market resulted in a 4.8% loss of ad revenues, to PLN 291 million. Net revenue grew 8.4%, to PLN 435 million.

The TVN Group operates 13 channels in Poland, an internet portal, "n" digital platform, a news portal, multimedia site and educational platform. TVN S.A. trades on the Warsaw Stock Exchange. Stocks dropped 5.24%, closing at PLN 9.95. One year ago, TVN traded at PLN 22.55.

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