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UPDATE 1-TVN Q3 net in line, surprises with EBIT loss

Published 11/03/2009, 01:45 AM
Updated 11/03/2009, 01:48 AM

* Says Q3 net profit PLN 58 million vs 60 million in analyst poll

* Reports surprising Q3 operating loss of PLN 3.7 million

(Adds more detail)

WARSAW, Nov 3 (Reuters) - Polish broadcaster TVN's reported a third-quarter net profit in line with analyst forecasts, disappointing with an unexpected operating loss due to its share in loss-making digital TV platform 'n'.

Eastern Europe's top broadcaster bottom line jumped to 58 million zlotys ($20.2 million) compared to 60 million seen in an analyst poll and only 5 million a year earlier, driven by debt revaluation thanks to a stronger zloty.

However, the broadcaster surprised with an operating loss of 3.7 million zlotys down from a 74 million profit a year earlier, weighed down by results at satellite platform 'n', which TVN began consolidating in March.

The stronger zloty has cut the value of the broadcaster's euro-denominated loans in the third quarter. TVN said positive foreign exchange differences stood at 80.6 million zlotys, while credit interest rose 40 percent to 44.2 million.

In line with its announcement last week, TVN's revenue rose by around 21 percent to 428 million zlotys in the period thanks to the consolidation of its loss-making satellite platform 'n'.

TVN, which appointed a new chief executive in August, added that excluding results of the 'n' the figure stood at 335 million, some 20 million or 6 percent less than a year ago. (Reporting by Adrian Krajewski; Editing by Mike Nesbit)

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