LONDON — German commercial TV group ProSiebenSat 1 Media said Tuesday that revenues for the first half of the year were 1 billion euros ($912 million), down 3% from last year due to a sinking advertising market.
Company’s pre-tax profits dropped to $80.35 million from $100.22 million. But net profits increased by 11% to $46.95 million, thanks to a reduction in German corporate tax rates.
“All in all we have succeeded in compensating in part for the revenue figures, proving that our family of channels is in control of costs,” CEO Urs Rohner said. “In a declining advertising market, the fusion of ProSieben and Sat 1 has proven strategically to make sense.”
In the first six months of the year, the ProSiebenSat 1 Media group garnered a 31.5% share of the 14- to 49-year-old target group, vs. 30.4% for rival RTL Group.