💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-ProSieben CFO aims to beat year core profit goal

Published 11/11/2010, 06:31 AM
Updated 11/11/2010, 06:36 AM

* Says could reach core earnings of 850 mln euros or more

* Sees continued TV ad growth in Germany

* Q4 likely to be weaker than previous quarters

* Shares down 2.6 percent

(Recasts, adds CFO, CEO comment, share price)

FRANKFURT, Nov 11 (Reuters) - German commercial broadcaster ProSiebenSat.1 said it was likely to exceed its 2010 core profit target, buoyed by strong television advertising revenues, especially in Germany, its biggest market.

"There is a chance that we will exceed our 2010 recurring EBITDA (earnings before interest, tax, depreciation and amortisation) guidance of 800 million euros," Chief Financial Officer Axel Salzmann said on a conference call on Thursday.

He added that the company could achieve core earnings of 850 million euros ($1.2 billion) or more.

ProSieben stock had lost 2.6 percent to 20.10 euros by 1130 GMT as investors took profits, underperforming the MDAX index, though they have gained more than 150 percent in the year to date.

ProSieben, which competes with Bertelsmann-owned RTL Group, has benefited from a recovery in advertising after a double-digit slump hit broadcasters hard last year.

Last week it reported third-quarter core earnings up more than 60 percent and sales up 12 percent.

The group cautioned, however, that performance in the fourth quarter would be weaker than previous quarters and that the comparable quarter in 2009 had been particularly strong as the TV ad market had begun its rebound during that time.

Chief Executive Thomas Ebeling declined to give details about the company's targets for 2011, saying only that he expected the German TV ad market to continue to grow. (Reporting by Nicola Leske; Additional reporting by Hakan Ersen; Editing by Will Waterman) ($1=.7253 Euro)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.