MFE-MediaForEurope, the broadcasting company led by the family of former Italian Prime Minister Silvio Berlusconi, announced a slightly lower revenue for the first half of the year. The decline was attributed to factors such as high inflation, energy costs, and lower dividends from its subsidiary ProSiebenSat.1 Media.
Revenue Figures
Revenue for the six months ending in June stood at 1.37 billion euros ($1.51 billion), down from EUR1.39 billion recorded in the previous year.
Market Outlook
The company stated that advertising revenues in Italy during the third quarter, which is typically a less significant period for yearly earnings, are expected to match those of 2022. However, Spain’s market has yet to stabilize, and it may be influenced by the recent political elections.
Financial Performance
MFE-MediaForEurope achieved a net profit of EUR87.1 million, a slight increase compared to EUR84.6 million in the previous year. Earnings before interest and taxes (EBIT) also witnessed growth, rising from EUR112 million to EUR120.9 million.
Future Prospects
Despite the challenges faced in the first half of the year, MFE-MediaForEurope remains optimistic about its future financial performance. The company expects a positive net profit, EBIT, and free cash flow for the year.
