Grupo Clarín earnings down 8.2% to US$28.8mn in Q3

Friday, November 11, 2011

Argentine media giant Grupo Clarín reported net profits of 123mn pesos (US$28.8mn) during the third quarter of 2011, an 8.2% year-on-year decline, according to financial results released by the company.

Net sales during 3Q11 totaled 2.48bn pesos, representing 25.1% growth compared to 1.99bn pesos in 3Q10.

According to Grupo Clarín's financial statement, the growth in sales during the quarter is mainly due to increased Arpu and subscribers in its cable TV and internet access segment, which climbed 20.1% year-over-year to 1.54bn pesos.

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Additional contributing factors were higher advertising sales in the printing and publishing segment, and higher sales in broadcasting and program.

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