TF1 Profit Down 61 Percent in First Half

BOULOGNE: TF1 has released its financials for the first half of the year, showing a 16-percent decrease in revenues to 1.1 billion euros, with net profit down 61 percent to 49 million euros.

French broadcasting revenues took the biggest hit, falling 19 percent to 913 million euros. For the main TF1 channel, net advertising revenue fell 23 percent to 686.5 million euros. For the group as a whole, ad revenues were down 21.8 percent to 767.5 million euros. International broadcasting revenues were relatively stable, down just 2 percent to 147 million euros. The audiovisual rights sector delivered revenues of 69 million euros, down 12 percent on the year-ago period.

Announcing its results, TF1 pointed to the achievements made in cutting costs, with 31 million euros in cost reductions in the period. Channel programming costs for TF1 fell from 514.1 million euros to 455.3 million euros.

For the year, TF1 projects a 13-percent fall in revenues.