TV3 today reported a net loss of €0.4 million for fiscal 2008 while revenue was flat at €62 million.
Announcing its annual results this afternoon, the company said that operating profit halved during the year from €20million to €10 million due to investment costs.
TV3 said that a fall in traditional advertising during the year was offset by increased revenues from sponsorship and the internet, which together accounted for over 10 per cent of total revenues for fiscal 2008.
During the year, the company said that investments in its schedule and the launch of the tv3.ie website led to a €10 million rise in operating costs to €52 million.
The company said it made a €10 million contribution to its parent company for bank interest and tax charges.
It added that a €2million cost-cutting plan introduced last year had led to a 15 per cent reduction in like-for-like costs. As part of that plan, the company cut 15 jobs.
Over the past two years there has been a 50 per cent rise in the number of home-produced shows broadcast, according to TV3.
The firm's chief executive David McRedmond said that while TV3 had seen revenues fall during the first half of this year as a result of the recession, he believed the bottom of the ad cycle passed in the summer, with the company expecting modest recovery in the autumn.
“TV3 has performed well to survive the market crash which resulted from the recession and the market distortion caused by the dual-funding of State broadcasting. In this context for TV3 to deliver an operating profit of €10m is a goodperformance," said Mr McRedmond.
"As we head into the autumn both of our channels are showing excellent audience and share growth, and the Online business is delivering a net profit. There are signs of modest market uplift but it will require intelligent regulation and positive support from Government to ensure the industry can drive a recovery," he added.
