Mexico's Televisa cuts 2025 investment budget, shares trim gains
Following a conference call on its second-quarter results, shares in the world's biggest producer of Spanish-language content rose 3.6%. The gain pared earlier increases, as the shares had climbed by as much as 7.6% earlier in the day.
"While we expect CAPEX deployment to accelerate during the second half of the year, we are cutting our CAPEX budget," Televisa Co-Chief Executive Alfonso de Angoitia told the conference, explaining that successful negotiations with suppliers have resulted in more favorable terms for the company.
On Tuesday the broadcaster reported a net profit of 474.5 million pesos ($25.3 million) for the second quarter, a rebound from the 25.6 million peso loss in the year-ago period.
The quarterly profit was largely supported by lower costs, despite a decrease in subscriptions, particularly for its satellite TV unit, SKY.
The company's revenues totaled 14.73 billion pesos, a 6% decrease from the same period last year. However, Angoitia added that revenues would have remained unchanged when excluding the impact of the Mexican peso's depreciation.
Peso weakened 2.6% from the end of June last year to the end of June this year.
($1 = 18.7654 pesos at end-June)
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