As expected [WAMN: 19-Feb-03], German TV giant ProSiebenSat.1 suffered a massive fall in profits in the fourth quarter.

Preliminary results show an 80% year-on-year slump in Q4 pre-tax profits to €21 million ($22.5m; £14.1m) on a 6% fall in revenues to €1.895 billion. EBITDA (earnings before interest, tax, depreciation and amortization) tumbled 40% to €134m.

Nevertheless, chief executive Urs Rohner stressed that at least the group stayed in the black.

“In 2002 the ProSiebenSat.1 Group has proven its profitability under the most adverse conditions,” he declared. “Last fiscal year we had to contend not only with an unexpectedly severe slump in the advertising market, but the insolvency of KirchMedia – our majority shareholder and most important programming supplier.”

Data sourced from: ProSiebenSat.1; additional content by WARC staff