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Private Media Group Announces Second-Quarter Losses

Private Media Group Announces Second-Quarter Losses

BARCELONA, Spain—Private Media Group has released its second-quarter results, which saw an overall decline in net sales for the three-month period ending June 30.

“For the three months ended June 30, 2011, we had net sales of EUR 4.7 million compared to net sales of EUR 6.0 million for the three months ended June 30, 2010, a decrease of EUR 1.3 million, or 22 percent,” the Barcelona-based company said in a statement.  

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More specifically, internet sales decreased EUR 0.6 million to EUR 3.1 million, representing a decrease of 17 percent compared to the same period last year. “The reduction,” the company said, “was attributable to a decrease in sales from our North American websites as a result of foreign exchange rate changes and a reduction in sales from our Gay Content division.”

Broadcasting sales also went down 24 percent from last year, from EUR 0.8 to EUR 0.3, the result of fewer titles being released. Wireless sales also decreased 53 percent year over year, as did DVD and magazine sales, which saw a 29 percent loss. Going forward, however, the company said it expects internet, wireless and broadcasting sales to increase.

"During the past two years, we have developed internet solutions for critical new markets: gay, international and mobile,” said Private CFO, Johan Gillborg. “Furthermore, as a response to decreased margins in the adult entertainment industry, we have reviewed, analyzed and continued to restructure the operations of the non-online part of the business in order to become more cost effective.”

More information about Private Media financials can be found here.






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