Adds pars 3,4 with advertising sales trend
MILAN, Nov 21 (Reuters) - MFE-MediaForEurope MFEB.MI, the TV group controlled by Italy's Berlusconi family, posted on Thursday a 29% rise in its nine-month operating profit on higher advertising sales.
MFE, which runs commercial broadcasters in Italy and Spain, said its earnings before interest and taxes $(EBIT)$ rose to 126.6 million euros ($133.53 million) in the first nine months, above a company-provided analyst consensus of 115 million euros.
Total gross advertising revenue in the January-September period was up to 1.94 billion euros from 1.82 billion euros the year before, as sales maintained a strong momentum in the third quarter, the Milan-listed company said.
MFE added its advertising sales are set to rise about 5% this year, lifted by its core Italian business in the final quarter, a crucial moment for broadcasters to capture corporate advertising spending in the run-up to Christmas.
($1 = 0.9481 euros)
(Reporting by Elvira Pollina, editing by Giulia Segreti)
((elvira.pollina@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.