ProSieben returns to profit in Q3, reinstates guidance

BERLIN, Nov 5 (Reuters) - German broadcaster ProSiebenSat.1 Media returned to profit in the third quarter as it recovered from a pandemic-induced hit in the spring, and reinstated its guidance for the full year.

The Munich broadcaster, being restructured by CEO Rainer Beaujean under the gaze of potential acquirers, reported adjusted net profit of 29 million euros ($34 million), down 36% year-on-year but up from a second-quarter loss of 52 million.

Adjusted core profit was ahead by 13% year-on-year as advertising recovered, cost cuts kicked in and the group’s e-commerce portfolio expanded.

“We are very satisfied with our development in the third quarter,” Beaujean said in a statement.

“As an early-cyclical company, we were now able to benefit from the economic recovery in the summer, following the difficult first half of the year, and have seen an upward trend in the advertising market.” ($1 = 0.8520 euros) (Reporting by Douglas Busvine Editing by Michelle Adair)