logo
Plus   Neg
Share
Email

ProSiebenSat.1 Media Withdraws FY20 Outlook Due To COVID-19

German media company ProSiebenSat.1 Media AG (PBSFF.PK) Wednesday withdrew its 2020 financial outlook due to lack of visibility on COVID-19 related impacts and economic uncertainty for remainder of the year.

The company reported preliminary first-quarter group revenues of about 926 million euros, up 1% from 913 million euros last year.

Adjusted net income dropped to 58 million euros from 94 million euros last year.

Rainer Beaujean, Chairman of the Executive Board & Chief Financial Officer of ProSiebenSat.1 Media SE, said, "Our business was well on track until mid-March when first COVID-19 effects started to affect our performance across all segments. As the duration and full implications of the pandemic still remain uncertain, it is impossible to provide forecasts on our full-year results at this moment. Therefore, we decided to withdraw our financial outlook for 2020 as well as the 2019 dividend proposal."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Global PC shipments returned to growth in the second quarter of 2020 after seeing a significant decline in the preceding first quarter due to COVID-19 related supply-chain disruptions, according to reports by two research firms. The PC market returned to growth in the quarter as production ramped up and vendors restocked their supplies to near-normal levels. The bankruptcy filing of America's oldest apparel retailer Brooks Brothers has ignited significant interest from potential buyers for the brand. WHP Global and a venture backed by Authentic Brands Group LLC and Simon Property Group, Inc., are reportedly considering bids for the retailer. WHP Global owns the ANNE KLEIN and JOSEPH ABBOUD brands. Sundial Herbal Products has recalled around 65 products, which were misbranded and currently unapproved drugs, the U.S. Food and Drug Administration said in a statement. The recall follows an order by a federal judge in June to stop distributing the company's unapproved new drugs. The affected items include herbal products and dietary supplements.
RELATED NEWS
Follow RTT