New broadcasting rules spark 55pc jump in TV3's profits
Published 05/11/2013 | 01:00
TV3 said earnings before interest, taxes, depreciation, and amortisation rose 5.4pc to €5.8m last year despite falling sales.
The rise in EBITDA followed a 1.8pc decline in sales to €57.6m as advertising slumped across the industry.
Operating profit at the station which broadcasts 'Coronation Street', 'Xpose' and 'Ireland AM' jumped 55pc to €1.4m as TV3 benefited from new rules in the broadcasting industry.
TV3 said yesterday that this year it has traded in line with expectations, met its financing commitments, and expanded audience share.
"The year 2012 and the first half of 2013 saw the most difficult trading environment for advertising but I am pleased that the group came through the year with increased earnings and with revenues ahead of market," said chief executive David McRedmond.
"The slow pace of broadcast reform is hampering a recovery in the ad market when the general economy is showing signs of growth.
"The employees of TV3 have worked exceptionally hard and TV3's investors have provided strong support to ensure the company is well-positioned for recovery."