Cyfrowy Polsat Q1 results above expectations

WSE-listed media group Cyfrowy Polsat, had PLN 279.4 million attributable net profit in Q2, crushing the PLN 181.6 million consensus, and up by 59.2 percent y/y. EBITDA grew by 9.8 percent y/y to PLN 929.5 million. Revenues were up to PLN 2.38 billion. Net profit increased mainly due foreign exchange gains resulting from the decrease in the valuation of liabilities related to the UMTS license, as well as the recognition in Q1’16 of foreign exchange losses on the valuation of the PLK Senior Notes.