November 12, 2019 / 5:39 PM / a month ago

Mediaset 9M net profit jumps as lower costs offset fall in ad sales

FILE PHOTO: The Mediaset tower is seen at in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini

MILAN (Reuters) - Mediaset (MS.MI) reported a four-fold jump in net profit in the nine months to end-September to 101.5 million euros, as lower costs offset a fall in advertising revenues due to a shortage of high-profile sports events.

The Milan-based company, controlled by the family of former Prime Minister Silvio Berlusconi, reported a 64.7% increase in operating profit (EBIT) to 188.6 million euros from the same period a year ago.

Despite poor market visibility, “the underlying trend will make it possible to improve on the positive results recorded at the end of the first nine months of 2019,” Mediaset said in a statement.

Domestic advertising revenues fell to 1.332 million euros from 1.458 million euros in the same period last year.

The group’s total operating costs fell by 21% 1.842 million euros.

Reporting by Elvira Pollina; editing by James Mackenzie

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