In the first half of this year, Empresa achieved a profit of 3.34 million euros, compared to positive net results of 178,000 euros a year earlier.

According to a statement from the group led by Francisco Pedro Balsimão, Empresa highlighted this increase of nearly 19 times the net result. The Group’s EBITDA increased by 30.4% to more than €10.8 million.

The three business areas improved the operating result. As reported, TV increased its EBITDA by 11.1% to 9,997 million, and the “publishing” area (where Expresso is located) improved its EBITDA by 163% to 1.54 million. And even Infoportugal e Intersegmentos, which continues with a negative EBITDA, also cut operating losses by half. On the revenue side, Infoportugal was the only company that did not generate growth in the first half compared to the same period last year. Television revenue rose 18.9% to more than 80 million euros and publishing revenue improved 9.3% to 11.19 million euros.

Empresa reports that advertising revenue, which is the main source, rose by 21.2% to more than 57 million, after it recorded a 5% increase in trading revenue, which is considered paper and digital sales. At SIC, the proportion of ads increased from 22% to 51.7 million.

This is in a period when operating costs also rose in consolidated value by 15.9%, which is nonetheless below the 17.4% consolidated revenue growth, which came to nearly 92 million.

Net debt at the end of the semester was 154.4 million, 8.7% lower. In June, SIC issued a new bond loan.

“In the second half of the year, despite the uncertainty related to the pandemic, Empresa will seek to consolidate these good results and lead its key brands, improve operating margin and further reduce its debt,” says Francisco Pedro Balsimão, in a statement sent to newsrooms.