TVN Jumps as Profit Tops Estimates on Lower Costs: Warsaw Mover
The stock climbed as much as 3.8 percent, and traded 2.4 percent higher at 6.83 zloty, the biggest gain since Oct. 17, as of 11:05 a.m. in Warsaw. Turnover amounted to 173 percent of the three-month daily average. TVN has fallen 34 percent this year, while the WIG20 Index advanced 9.7 percent.
Its third-quarter profit stood at 62 million zloty ($19 million), compared to a 357.2 million-zloty loss a year earlier and 57.5 million-zloty profit median estimate of six analysts surveyed by Bloomberg.
“Results surprised on the upside due to excellent cost containment leading to better-than-expected profitability,” Leszek Iwaszko, an analyst at Societe Generale SA in Warsaw, said in a research note. “Importantly, TVN maintained its full- year guidance for the advertising market, expecting the fourth quarter to be similar to the third.”
TVN reiterated its forecast that the TV advertising market will fall 6 percent to 9 percent this year as Poland’s economic growth slows.
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