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Info TF1 1Q results plunge - 16-May-2009, 16:30

TF1 1Q results plunge

Pascale Paoli Lebailly

Frances leading private media group TF1 announced net profits down 91% for the first three months of this year to 6 million compared with 70 million one year before.

Operating result was a 12 million loss while total revenue fell back 18% to 538 million. This included TF1 ad revenue down 27% at 321 million. In a statement, the group said that the first three months of 2009 were affected by a fall in advertising revenue and resilience from diversification activities, (up 2% at 217 million).

For the rest of the year, and the guidance for consolidated revenue, TF1 Group has revised its working hypothesis from -9% to around -13%.

TF1 said that cost cuts in the first three months amounted to 14 million, including a 7 million reduction in programming costs (228 million). The cost cutting plan will continue and will even increase from the 60 million formerly announced to 70 million.

The same day, TF1 Group announced it was talking with film production company UGC about a co-investment project for production and acquisition of French, European and international theatrical movies .


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