Prisa’s Profit Falls by 39%
Spanish media group Prisa (PRS:Madrid stock exchange) posted 2009 operating profit of 369 million euros ($498 million), nearly half the 698 million reported in 2008, as a deep recession hits its revenues.
The ailing owner of newspaper El Pais said full-year net profit fell to 50.5 million euros from 83 million, mainly as a result of a decline in advertising revenues which has slammed the entire sector.
Prisa's advertising revenues fell 15 percent in 2009.
Prisa reiterated on Wednesday that it is in talks with potential investors to strengthen its capital, adding it was finalising an agreement with creditor banks to restructure its debt, some of which comes due in March.
Prisa has been restructuring its business in the hope of paying down some of a debt burden which will be around 6 times EBITDA in 2009.
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