Net income down 4.6% to $37 million compared to 2004
TV Azteca, Mexico’s No. 2 net, Monday said third-quarter revenue fell 8% to $194 million, down in the absence of the windfall ad coin earned last year from the Olympic Games.
In a filing after market close, TV Azteca said net income was down 4.6% to $37 million compared to the same period in 2004. Results were in line with analysts’ expectations.
Net also blamed payments to the Mexican soccer league for rights this fall and production costs for U.S. web Azteca America for crimping profits.
“The absence of extraordinary revenue derived from the 2004 Summer Olympic Games was significant this quarter, representing almost 12% of net revenues a year ago,” said TV Azteca CEO Mario San Roman in a statement, adding the company expected better results in the fourth quarter.
Programming exports fell more than 50% to $1 million compared to sales in excess of $2 million during the third quarter of 2004.
Net’s chairman and majority shareholder, Ricardo Salinas Pliego, faces fraud charges in the U.S., and company’s stocks stopped trading in late July in New York.