German media company ProSiebenSat.1 Media SE reported on Thursday that its loss for the full year 2023 widened compared to 2022.
Revenue also declined for the year. Further the company provided its outlook for fiscal 2024.
The yearly loss widened to €134 million ($146 million) from €49 million in the last year.
Excluding items, it reported profit that decreased to €225 million from €301 million in the previous year.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) declined to €578 million from €678 million in the prior year.
Group revenue reduced 7% to €3.85 billion from €4.16 billion in the prior year, characterized by uncertainty among consumers and the associated restraint in investment by the advertising industry.
"In addition to the expected overall decline in advertising revenues over the course of the year, the disposal of the US production business of Red Arrow Studios as of July 1, 2022, had a significant effect on segment revenues," ProSiebenSat.1 Media said in a statement.
Looking forward to the full year 2024, the company expects adjusted EBITDA of €575 million with a variance of plusor minus €50 million and €3.95 billion in revenue with a variance of plus or minus €150 million.
On Wednesday, ProSiebenSat.1 shares closed at €6.41, up 3.15%, in Germany.
