THE TV3 GROUP, which represents TV3 and 3e, has reported profits of €1.4 million for 2012.
That is up 52% on 2011′s profit of €900,000. Last year’s profit included the company’s expenditure on a new HD studio and a new trading scheme.
Earnings before interest, taxes, deductions and amortisation were up five per cent to €5.8 million. Although revenues are down 1.8 per cent on 2011, the company says the overall advertising industry had dropped nine per cent.
The station says that the difficulties experienced towards the end of 2012 have continued into 2013, but there has been an improvement in the second half of the year.
CEO of TV3 David McRedmond said that the company had come through the most difficult environment for advertising the country has seen.
“I am pleased that the Group came through the year with increased earnings and with revenues ahead of market. The slow pace of broadcast reform is hampering a recovery in the ad market when the general economy is showing signs of growth.
“The employees of TV3 have worked exceptionally hard and TV3’s investors have provided strong support to ensure the company is well-positioned for recovery.”
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