TVN net profit far below market consensus

In the first quarter, TVN net profits totaled PLN 79.5 million, 32 percent lower than market consensus which stood at PLN 117.5 million. The results were weighed down by the costs related to the recent firm's sale, which amounted to PLN 48 million.

EBITDA net profits amounted to PLN 59.3 million, 39 percent lower than expected by experts.

The revenue was 1 percent below the market consensus, totaling PLN 362.9 million, however increased by 3.6 percent on an annual basis.

An acquisition is to be closed at the beginning of the third quarter, total costs related to the sale are to reach around PLN 70 million.