Bucking a depressed advertising market, France’s leading private network, TF 1, announced Monday that it expects to post 1993 profits in the region of 455 million francs ($ 77 million), an improvement over 1992 of $ 1 million or 13%.
Following a board meeting Wednesday, TF1 reported consolidated revenue of $ 1 .3 billion, compared with $ 1.2 billion in 1992.
Advertising revenue increased by 5% to $ 1.1 billion, in a French ad market that saw only 2.7% growth nationwide.
Per a TF1 spokesman, the web held prices stable last year. “The increase in revenue comes from an increase in volume,” he said.
Away from its core business, TF1’s video distribution and music publishing arms continue to grow. TF1 Video and Une Musique are tipped to increase revenue by $ 20 million, although the level of profit will not be known until a final-results board meeting mid-April.
On the downside, TF1 reported an extraordinary loss of $ 2.5 million due to charges incurred for double leasing.
The network is now fully installed in stylish offices overlooking the Seine, but part of its former premises remained unsold last year.
Satellite web Eurosport, in which TF1 has a 33% stake, is still losing money. The TF1 spokesman said Eurosport had a negative effect on the web’s results of around $ 7 million.
Estimates from network chairman Patrick Le Lay have Eurosport breaking even in mid-1995 and showing a profit in 1996.