Analysis of Prisa’s Latin American Revenues
Spain’s Prisa (Madrid stock Exchange: PRS) operating revenues in the United States and Latin America increased by 21% to $165 million in 2009, according to the information provided by the company to CMNV, the Spanish Securities and Exchange Commission.
This positive development in the Latin American and U.S. business diminished the overall decline in Prisa’s profitability. In 2009 overall EBITDA declined by 34% to $845 million.
Both the Latin American and U.S. publishing and radio divisions of Prisa contributed to earnings growth of Prisa in the Americas. Text book Publisher Santillana saw revenues increase by more tan 20% in the Argentinean, Chilean and Venezuelan markets. Overall sales increased by 4.7% to $557 million in the Americas, while EBITDA increased by 16.4% to $139 million.
Regarding Prisa’s international radio operations, to which Grupo Latino de Radio (the new Union Radio and stakes in Mexican broadcaster Radiopolis belong to, revenues decreased by 2.5% to $125 million, while EBITDA increased by 54% increasing from $16 million to $26 million.
During 2009 Prisa closed several transactions in the U.S, including the sale of 25% of Santillana to DLJ South American Partners or the purchase of 12% of U.S. Hispanic broadcast network V-Me. Prisa confirmed that this last transaction was an asset Exchange for its interest in Bolivian newspaper group Inversiones Grupo Multimedia Comunicaciones.
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