Cyfrowy Polsat sees drop in profits

Polish pay-TV provider Cyfrowy Polsat saw its second quarter and first half profits fall sharply despite growth in revenue, largely due to an increase in operating costs partly related to a fall in the value of the zloty.

The operator posted revenues of PLN660m (€159m) for the first half of the year, up 25% year-on-year. Cyfrowy Polsat turned in EBITDA of PLN171m, down 10%, while net profit was PLN129m, down 10%. EBITDA and profit in the second quarter fell by 24% and 29% respectively.

The operator had 3.332 million customers at the end of June, of which 2.808 million took pay-TV services, up from 2.288 million a year earlier. Some 81% of the subscriber base took a family or premium package, while the remainder subscribed to a mini package.