MTG operating profits double

Swedish media giant Modern Times Group (MTG) has announced pre-tax profits of 440 million kronor for the first quarter, down from 575 million in the same period in 2005.

Last year’s figures, however, included a net profit of 389 million kronor from the sale of financial assets. MTG’s operating profits, excluding the proceeds of the sale, rose from 212 million kronor in the first three months of 2005 to 453 million for the same period this year.

“These are MTG’s best ever first quarter results,” wrote CEO Hans-holder Albrecht in the company’s quarterly report. All the company’s core businesses have shown good growth and improved results, he said.

The group includes Viasat Broadcasting, which runs cable and satellite TV channels in the Nordic and Baltic regions, as well as radio and home shopping operations.

TT/The Local