RTL cuts 2014 outlook on new advertising tax in Hungary
FRANKFURT (Reuters) - Broadcaster RTL Group cut its 2014 outlook on Thursday, citing among other a new advertising tax in Hungary that hit its earnings in the first half of the year.
Europe's largest broadcaster said it now expected 2014 revenues to decline slightly, with a more significant decrease in earnings before interest, tax and amortisation (EBITA), having previously seen both figures remaining broadly stable.
In the first half of 2014, revenues eased by 2.5 percent to 2.69 billion euros (1.62 billion pounds) and EBITA was down 6 percent at 519 million. Both fell short of the average of analyst estimates in a Reuters poll, which stood at 2.70 billion euros and 523 million.
(Reporting by Maria Sheahan; Editing by Victoria Bryan)
