Entertainment network RTL Group SA (RTL.BT) said Wednesday that its net profit fell in the second quarter, due in part to a gain in the year-earlier period, and stuck to its outlook despite a challenging TV advertising market.
Second-quarter net profit at the media group, which is 75% owned by Germany's Bertelsmann AG (BRT.YY), dropped 9.9% to 183 million euros ($219.6 million), from EUR203 million a year earlier when it booked a EUR43 million gain from its operations in France. Revenue increased 8.8% to EUR1.57 billion.
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RTL also said it would take full ownership of SpotX, a digital advertising platform in which it held a majority stake, as the TV advertising market in Europe continues to struggle.
The company reaffirmed its 2017 outlook for moderate revenue growth and broadly stable earnings before interest, taxes, depreciation and amortization.
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(END) Dow Jones Newswires
August 30, 2017 05:21 ET (09:21 GMT)