MediaForEurope's profit beats forecast as ad sales rise

MFE-MediaForEurope MFEA, the TV group controlled by Italy's Berlusconi family, posted on Thursday a 29% rise in its nine-month operating profit on higher advertising sales.

MFE, which runs commercial broadcasters in Italy and Spain, said its earnings before interest and taxes (EBIT) rose to 126.6 million euros ($133.53 million) in the first nine months, above a company-provided analyst consensus of 115 million euros.

Total gross advertising revenue in the January-September period was up to 1.94 billion euros from 1.82 billion euros the year before, as sales maintained a strong momentum in the third quarter, the Milan-listed company said.

MFE added its advertising sales are set to rise about 5% this year, lifted by its core Italian business in the final quarter, a crucial moment for broadcasters to capture corporate advertising spending in the run-up to Christmas.

($1 = 0.9481 euros)