Televisa’s net profits fall 77.3% in the third quarter of the year | Mexico Companies

Televisa’s net profits fall 77.3% in the third quarter of the year | Mexico Companies
Televisa’s net profits fall 77.3% in the third quarter of the year | Mexico Companies

Grupo Televisa, the largest media company in Latin America, reported net benefits of 760.6 million pesos (37.4 million dollars) in the third quarter of 2019, 77.3% less than the same period last year when it earned 3,350 million pesos (164.8 million dollars).

This, due to higher financial expenses and an increase of 111.9 million pesos (5.5 million dollars) in depreciation and amortization.

In contrast, in the period from July to September, net sales reached 26,127 million pesos (1,285.7 million dollars), 9.1% more than the 23,943 million pesos (1,178.2 million dollars) of the third quarter of 2020.

“The financial crisis caused by the covid-19 pandemic continues to have a negative effect on our business, financial position and results of operations, and it is currently difficult to predict the magnitude of the impact it will have in the future,” the company said in its report. .

In its report to the financial markets for the third quarter of 2021, the company specified that the net decrease of 2,589 million pesos (127.4 million dollars) “reflected an unfavorable change” of 5,202 million pesos (256 million dollars) in financial income or expenses.

In addition to an unfavorable change of 959.7 million pesos (47.2 million dollars) in other income or expenses, an increase of 111.9 million pesos (5.5 million dollars) in depreciation and amortization, and a increase of 17.2 million pesos (about 846,000 dollars) in net income attributable to non-controlling interest.

Meanwhile, he pointed out that its operating flow fell 5.8% from July to September, going from 10,805 million pesos (531 million dollars) in 2020, to 10,179 million pesos (500 million pesos) in 2021.

In addition, the company noted that “deteriorating global economic conditions as a result of the pandemic could ultimately reduce demand for the company’s products across its segments as its customers and users reduce or postpone their spending”.

Regarding its content business, Televisa said that it “continued to recover” as a result of the lifting of mobility restrictions in most of the regions where our clients are located.

“However, we depend in part on the demand for advertising from consumer-focused companies, and although many of our clients have increased their investment in advertising compared to the third quarter of 2020, the covid-19 pandemic could cause that advertisers again reduce or postpone their advertising spending on our platforms, “he said.

He said that “due to the changing and uncertain nature of this situation, the company cannot fully estimate the impact that the pandemic will have on it, but it could continue to affect its business, financial situation and short-term results of operations. , medium or long term “.

 
For Latest Updates Follow us on Google News
 

PREV Las Bambas losses reach US $ 9.5 million per day | ECONOMY
NEXT Barranquilla: details of the tallest building – Barranquilla – Colombia