(Adds details on financial income)
MEXICO CITY, Feb 18 (Reuters) - Grupo Televisa Mexico’s largest broadcaster, reported gains in its fourth quarter net profit on Thursday helped by lower sales costs and strong financial income, which offset a decline in revenue.
Televisa posted a 52% jump in net profit to 3.7 billion pesos ($184 million) compared with 2.4 billion pesos in the same period in 2019.
The company’s net sales, however, fell to 27.8 billion pesos, 1.7% lower than in the year-earlier period.
The company’s financial income for the quarter rose by more than 4.7 billion pesos to reach 6.5 billion pesos, according to a statement filed with the Mexican stock exchange.
Televisa did not detail what caused the increase. Financial income and expenses often relate to currency exchange rates or debt.
Sales costs also fell 9.4% in the quarter compared to a year earlier, the company said.
Advertising sales were relatively flat at 6.7 billion pesos, the company reported, adding that the figure represented a recovery across most categories among private sector clients compared with the prior two quarters.
Sales in Televisa’s “other business” unit, a division that includes film distribution and a soccer team, fell sharply by 39.5%.
$1= 19.9500 pesos at end-December Reporting by Cassandra Garrison and Noe Torres; editing by Grant McCool