Another profit warning – the third in three months – has been issued by German TV giant ProSiebenSat.1 Media.
Little more than a month ago, the group, part of KirchMedia, warned its full-year profits would be down 30% on a 4% drop in sales revenue; these forecasts were revised further downward on Friday, to a 45% earnings tumble and a 6%–7% sink in sales.
The company blamed the new revision on slow ad revenue in October and November – traditionally strong months for sales. It warned that no significant upturn was expected before the latter half of 2002.
News source: Handelsblatt (Germany)