Spanish recovery lifts Mediaset into the black

A solid performance in Spain, driven by recovery in the advertising market, helped push Mediaset into the black in the first quarter, offsetting problems in its domestic Italian market.

Mediaset reported net revenues of €828.8 million for the quarter, up 1% year-on-year, and operating profit of €45.9 million, up 55%. The free and pay TV broadcaster posted a net profit of €0.7 million, compared with a loss of €12.5 million last year.

Sales in Italy amounted to €608.5 million, down from €620.9 million. Spanish revenues on the other hand rose from €200.4 million to €220.7 million, driven by the country’s economic recovery and its impact on the ad market.