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Media Capital beats market trend to limit fall in operating income

Portuguese media group Media Capital managed to limit its first-quarter decline in operating income to 2% year-on-year, despite an estimated decline of 12% in the country’s overall advertising market.

The group said its net income improved by 11% year-on-year due a reduction in net financial charges. Media Capital’s TV broadcasting arm, including TVI, posted EBITDA of €3.5 million, up 46%. However, its audiovisual unit was hit by delays in production, leading to negative EBITDA of €1.2 million.