UNTERFOEHRING, Germany: Victim to the economic malaise spreading through the western hemisphere, pan-European broadcaster ProSiebenSat.1 Media revealed Thursday that its third quarter EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) fell 17%, citing the weakness of its flagship German operation.
Underlying net profit in Q3 fell to €0.6 million ($782.34k; £484.24k), down from €68.4m the same quarter a year ago.
Sales decreased by 3.3% to €646.5m, hit by the ongoing weakness in the German free-TV advertising market.
Ceo Guillaume de Posch said he didn't see conditions improving in the fourth quarter. "We will be reviewing the profitability and efficiency of all processes in our company, and concentrate on the 'must haves' which are essential to our company in these very challenging market conditions."
Data sourced from Wall Street Journal Online; additional content by WARC staff