July 31, 2020 / 5:38 AM / 6 days ago

ProSieben reports Q2 loss but sees brighter economic situation

BERLIN, July 31 (Reuters) - German broadcaster ProSiebenSat.1 Media on Friday reported a net loss in the second quarter as the coronavirus pandemic hammered advertising, but said it saw first signs of a recovery in July.

Munich-based ProSieben made an adjusted net loss of 52 million euros ($62 million), down from a year-earlier profit of 85 million euros, on the back of a 25% slide in revenues.

CEO Rainer Beaujean said the economic situation was beginning to brighten in ProSieben’s German, Austrian and Swiss markets, with ad revenues down 20% in July and trending at -10% for August.

ProSieben said it was focusing on managing costs, cash flow and profitability, and had a good cash position with 1.19 billion euros on hand. The impact of the coronavirus remained significant, making reliable forecasts for the business impossible.

$1 = 0.8408 euros Reporting by Douglas Busvine; editing by Thomas Seythal

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