Mediaset sees decline in ad and subscription revenue and profit

Italian broadcaster Mediaset saw year-on-year first-quarter falls in advertising and subscription revenue, EBIT and profit as the state of the economy continues to take its toll.

Mediaset Premium, the broadcaster’s Italian pay TV unit, turned in revenues of €131.1 million, down from €135 million. Italian advertising sales amounted to €622.7 million, down from €693.3 million. Mediaset’s Italian activities turned in EBIT of €18.5 million, down from €89.1 million, and net profit of €1.5 million, down from €51.4 million.

Overall, Mediaset produced revenues of €977.8 million, down from €1.112 billion, and EBIT of €38.9 million, down from €135.8 million.

Mediaset set it hoped for an upturn in advertising related to the Euro 2012 football championships and the Olympic Games. However, the company said that on the basis of its performance in the first three months, it would close the  year with lower levels of consolidated net profit and cash generation than in 2011.