WP Q2 profit grows

WSE-listed media group and operator of the wp.pl portal, Wirtualna Polska had PLN 13.8 million consolidated net profit in Q2 up from PLN 12.81 million last year, the company said in a market filing. Revenues were at PLN 110.88 million, up from PLN 100.77 million the year before. EBIDTA was at PLN 34.5million, up by 6.6 percent y/y. "In the first half of 2017, the results of the capital group were largely influenced by the costs associated with the development of the WP TV channel launched in December 2016. This project is in its early stages of development so that the outlays incurred in the current period on the development of this business outweigh the revenue generated. In the opinion of the Management Board, the current expenditures should translate into an increase in market share in the long run and consequently increase the value of revenues and profitability of this segment,” the company explained. Wirtualna Polska holding, besides being the owner of Poland's several big web portals, operates the WP TV channel available through digital terrestrial TV.