February 23, 2017 / 7:02 AM / 9 months ago

ProSiebenSat.1 sees 2017 profit rise after 2016 beats expectations

FRANKFURT, Feb 23 (Reuters) - German broadcaster ProSiebenSat.1 predicts another record year on the back of a strong German economy, which will feed into its advertising revenues after its 2016 core profit and revenues beat expectations.

The company reported a 10-percent rise in 2016 recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) to 1.018 billion euros ($1.07 billion) on 17 percent higher sales of 3.799 billion euros.

That was slightly above average expectations of analysts in a Reuters poll.

“ProSiebenSat.1 Group, supported by a German domestic economy that continues to be positive, has made a good start to the first quarter of 2017. The Group is confident of continuing to grow substantially in 2017,” it said in a statement on Thursday.

The broadcaster of hit shows such as “Germany’s Next Top Model” and “Galileo” said it expects revenues to rise by at least a high-single-digit percentage in 2017, while recurring EBITDA and underlying net profit will be higher than in 2016. ($1 = 0.9476 euros) (Reporting by Harro ten Wolde; Editing by Christoph Steitz)

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