â¨â¨ProSiebenSat.1 has cited recent cost-cutting as the reason it managed to increase profits despite the ongoing advertising recession. It recorded first-half recurring profit of 295m compared with Â292m a year earlier.
The German free-to-air and pay-TV broadcast group said that it had shaved Â81.7m from its operating costs of Â495.8m through the period. The company is still feeling the effects of the economic downturn and said that free TV advertising revenues were down 13.9% in the three months to end-June. Management reaffirmed its plan to cut Â100m of costs over 2009, but said that Âbeyond that, however, the low visibility in the market makes any projections impossible.Â