TVN 2009 results higher than expected

2010-03-10

TVN media group showed healthy results for Q4 2009 – a net profit totalled to PLN 242.6m (€61.3m) in comparison to PLN 87.6m (€22.1m) in the analogous period of the previous year, while sales revenues equalled to PLN 680.3m (€171.8m) in contrast to PLN 592.3m (€149.6m). The group’s results exceeded the analysts’ estimates that the company would make between PLN 14.3m (€3.6m) and PLN 95m (€24m) of net profit in the last quarter of 2009. In 2009 as a whole, TVN made PLN 420.8m (€106.3m) of net profit and around PLN 2.12bn (€535m) of sales revenues, in comparison to PLN 363.6m (€91.8m) and PLN 1.89bn (€477m), respectively, in 2008.
In 2010, the group intends to invest PLN 260m (€65.7m), of which PLN 150m (€37.9m) will be consumed by the „n” digital satellite television platform, which remains unprofitable, and PLN 70m (€17.7m) will be spent for HD productions and a virtual television studio. Moreover, TVN is considering launching another television channel. The company’s management does not reveal details on the latter project; it would be, however, the group’s ninth channel.