Televisa reports drop in net profit |
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Published
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Thu, 19 Apr 2007 14:24
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MEXICO CITY (AP) - Mexico's biggest media company, Grupo Televisa SA, reported Wednesday that its satellite, cable and pay TV businesses boosted first-quarter sales, but net profit fell sharply largely due to a one-time charge related to the sale of its stake in Univision Communications Inc.The media conglomerate reported that sales in the first quarter rose to 8.23 billion pesos ($749 million) from 7.8 billion pesos ($710 million) in the year-ago period.Operating profit rose to 2.37 billion pesos ($215 million) from 2.27 billion pesos ($206 million) in the first quarter of 2006 as a result of higher sales and lower operating expenses.Televisa's net profit, however, dropped to 733.6 million pesos ($66.7 million pesos) from 1.35 billion pesos ($123 million) in the year-ago period. The 46 percent drop in net profit came as Televisa posted a 651 million peso ($59 million) non-cash, nonrecurring charge for the sale of its Univision stake.The company said broadcast revenue fell 3.8 percent to 3.82 billion pesos ($347 million). The business did not have the benefit of revenue drawn last year from the soccer World Cup and Mexico's presidential election campaigns.The company reiterated its expectation that broadcast revenue for the full year will be down marginally from 2006 levels.Revenues at the Sky satellite television unit rose 10.9 percent, however, to 1.98 billion pesos ($180 million) as the subscriber base increased to 1.45 million from 1.3 million at the end of March 2006.The company said it would make a total dividend payout -- including an extraordinary dividend -- of 4.4 billion pesos ($400 million) on May 31.The earnings report was issued after the close of trading Wednesday. Televisa's American depositary shares closed Wednesday down 1.19 percent at $30.00.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Televisa to sell stake in Univision 