BERLIN, Aug 13 – RTL Group said on Thursday its revenue had declined by 28% during the second quarter as the coronavirus pandemic hammered marketing budgets, but that it clawed half of that back with cost cuts.
The European broadcaster forecast the decline in TV advertising would slow to around 10% in the third quarter from 40% in the second, but said it was still not able to reinstate its full-year outlook.
CEO Thomas Rabe said that RTL’s broadcasters and its Fremantle production unit had been able to resume work, while viewing time was up and streaming subscription revenues showed double-digit growth.
First-half group revenue declined 16.4% to 2.7 billion euros ($3.19 billion), the company said, while adjusted earnings before interest and amortization (EBITA) fell 52% to 258 million euros. The adjusted EBITA margin declined to 9.7% from 17%. ($1 = 0.8465 euros) (Reporting by Riham Alkousaa)