Media Capital posts €40.8M profits
Media Capital, the Portuguese group which includes TVI and CNN Portugal has slashed its debts to €16 million and has posted a net profit of €40.8 million.
The group closed the first half with a €16.1 million debt, the lowest result since the group floated on the Lisbon stock market. After selling off its radio stations, it paid down its debt and distributed €10.0 million in dividends in July – the first time it had done so since 2018.
“Grupo Media Capital concluded the sale of some assets in its radio portfolio for €69.6 million, a transaction that made a net capital gain of €46.5 million that are already included in the group’s consolidated results”, states Media Capital in a report sent to the CMVM on Thursday.
The group achieved an operational income in H1 of 2022 of €123.9 million, an increase of 70% like-for-like, and a growth of 6%.
“This positive evolution in operational income was leveraged not only because of the recovery in the advertising market, but also in the consolidation of TV, radio and digital audience indicators”, states Media Capital.
Total operational costs adjusted for net expenses with provisions and restructuring costs grew 2% to €76.1 million.