ProSiebenSat.1 posts loss

ProSiebenSat.1 Media SE said Friday that it swung to a loss in the second quarter, and didn’t provide a outlook for the year amid the coronavirus pandemic.

The German broadcaster said its quarterly net loss was 54 million euros ($63.98 million), compared with a profit of EUR93 million a year earlier and mainly due to declines in its advertising business.

Earnings before interest, taxes, depreciation and amortization dropped 90% to EUR21 million, while adjusted Ebitda fell to EUR23 million from EUR213 million in the quarter.

The company’s adjusted Ebitda margin was 3.3%, down from 22.5% a year before. Revenue fell to EUR709 million from EUR947 million.

ProSiebenSat.1 Media said it still couldn’t provide an outlook for the full year due to coronavirus-related uncertainties, after withdrawing its guidance earlier this year.

Kim Richters

source:marketwatch.com