Mediaset turned in a net loss for the first quarter on lower revenues in both Italy and Spain, while revenues for the group’s Premium pay TV business were more or less flat year-on-year.
In Italy, the group noted that the media sector “is still not benefiting from any clear signals of a recovery in consumer demand”. It said it would continue to resist a price cutting strategy.
In Spain, Mediaset said it saw “much clearer” signs of recovery and the company expects advertising revenues to rise moderately in the second quarter.
Overall, the company said it was “difficult” to make reliable predictions for the rest of the year but said that it remain focused on multiplatform development and “the strategic evolution of the payTV business”.
Overall, Mediaset posted revenues of €820.8 million, down from €831.6 million for the same period last year. EBIT was €29.6 million compared with €53.4 million for the prior year. The group posted a net loss of €12.5 million compared with a profit of €9.3 million for the first quarter of 2013.
In Italy, revenues for the Premium pay TV business for the quarter stood at €142.8 million, down from €144.5 million for the same period last year.
Mediaset suffered from lower advertising revenues in both Italy and – to a lesser extent – Spain.