NEW YORK — Spanish-lingo broadcaster Univision Communications Inc. increased net income 70%, to $32.8 million in the fourth quarter, it said Friday, on 29% higher revenues of $138 million.
The quarterly result brought the year’s profit to $83.2 million, up 231% over 1996. Revenues for the year rose 24% to $459.7 million.
“Univision’s fourth quarter and full-year results demonstrate our continued progress in attracting advertisers to the Hispanic market,” Univision chief financial officer George Blank said.
The dramatic improvement over 1996 also is a reflection of the financial restructuring the company underwent in late 1996, although the 1996 profit figures are restated as though the restructuring occurred at the start of the year.
Univision stock rose $1 Friday to close at $37.