TVN Rallies to Two-Year High as Net Loss Narrows: Warsaw MoverMarta Waldoch and Marek Strzelecki
TVN SA surged to the highest level in almost two years after Poland’s second-largest television network posted a net loss smaller than analysts expected.
The stock jumped 5.1 percent to 13.40 zloty at the close in Warsaw, the highest since October 2011. The second-quarter loss narrowed to 29.9 million zloty ($9.4 million) from 230.6 million zloty a year earlier, beating the 41.2 million-zloty mean estimate of eight analysts surveyed by Bloomberg, it said in a regulatory statement today.
The “structure of earnings” and “an improvement in profitability of the main business” is “positive news,” Hanna Kedziora, an analyst at Trigon Dom Maklerski SA in Warsaw, said in a note today. “Especially that the company’s earnings remain under pressure” because of the weak ad market.
The Polish advertising market is improving and has “reached a bottom,” Chief Executive Officer Markus Tellenbach said at a news conference in Warsaw today. TVN kept its earlier 2013 forecast for the market to drop by “a mid-single digit.”
Second-quarter sales fell 2.5 percent to 440.5 million zloty while adjusted earnings before interest, taxes, depreciation and amortization rose 20 percent to 171 million zloty.