Net profit rises from $2.3 million to $3.1 million

AMSTERDAM — Revenues for Scandinavia’s Modern Times Group dipped slightly in the first quarter, hit by the weak advertising market.

While net profit soared year-on-year, much of that gain was attributed to financial nets and currency transactions.

MTG posted revenues of 1.4 billion Swedish krona ($135.8 million), down from $145.5 million a year ago. Net profit rose from $2.3 million to $3.1 million, but operating income for the company as a whole fell from $6.4 million to $1.9 million in the first quarter.

The company owns 19 TV pay and free TV channels in the Nordic and Baltic territories, as well as Hungary and Russia.

Follow @Variety on Twitter for breaking news, reviews and more