Prisa increases its losses by 30% to 36.7 million due to the rate increase

by archynewsy
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The communication group Prisa increased its losses by 30.4% in the first nine months of the year compared to the same period in 2022, up to 36.7 million eurosmainly due to the increase in financial expenses derived from the increase in interest rates and despite improving its turnover.

As notified this Tuesday to the National Securities Market Commission (CNMV), its income reached 678.4 million until September. 15.5% more than in the same period of the previous year, thanks to the good performance of its two business lines in a context of “economic and sectoral uncertainty.”

Specifically, Santillana’s income increased by 21.3% in the accumulated of the year, up to 376.2 million, while its media business (Prisa Media) grew by 8.4%, up to 301.4 million.

However, the company’s net profit was weighed down by higher financial expenses, 93.7 millionderived from the increase in the Euribor and the fair value of the debt.

In this area, the company, owner of media such as The country or Cadena Ser, has contracted two new interest rate hedges during the first nine months of 2023, which allow it to cover the risk derived from this rate increase and which affects almost half of its debt (400 million).

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