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MEXICO CITY, April 27 (Reuters) - Grupo Televisa , Mexico’s largest broadcaster, reported on Monday a first-quarter net loss of 9.65 billion pesos ($405.6 million), which the company attributed to the depreciation of the Mexican peso.
The Mexican peso has sunk to record lows amid concerns over the economic impact of the coronavirus outbreak.
Televisa, which reported a net profit of 542 million pesos for the same period last year, said the loss also reflected changes in the book value of its stake in U.S. Spanish-language peer Univision.
The broadcaster said it would trim capital expenditures to between $750 million and $800 million. That’s down from the $890 million that co-Chief Executive Alfonso de Angoitia in February had said the company would spend on capex over the course of the year.
The company also reported that advertising sales declined 28.4% as some clients decided to suspend advertising campaigns near the quarter’s end amid greater economic uncertainty in Mexico due to the coronavirus pandemic. Changes in the schedule for advertising sales also contributed to the decline.
The broadcaster’s net sales dipped slightly from the year-ago period to 23.2 billion pesos.
Despite the weak results, Televisa said its cable unit performed well, with revenue rising 9.4%.
$1.00 = 23.7980 pesos on March 31, 2020 Reporting by Julia Love and Noe Torres; Editing by Leslie Adler
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