(Updates with today’s trading in final paragraph.)
Feb. 26 (Bloomberg) -- Grupo Televisa SAB, the world’s largest Spanish-language broadcaster, said fourth-quarter profit increased 36 percent as more Mexicans signed up for satellite and cable-television services.
Net income climbed to 3 billion pesos ($235 million) from 2.17 billion pesos a year earlier, Mexico City-based Televisa said yesterday in a statement. Profit topped the 2.6 billion average analyst estimate compiled by Bloomberg. Sales rose 8.2 percent to 19.8 billion pesos, just above the 19.6 billion estimate.
Televisa is depending more on its pay-TV businesses for expansion as growth slows at its broadcast networks, whose viewers increasingly turn to the Internet and to cable channels for entertainment. Satellite subscriptions rose 5.5 percent from the previous quarter to 5.2 million, while cable-TV accounts grew 2 percent to 2.3 million.
Broadcast advertising sales rose 3.6 percent from the same period a year earlier to 7.7 billion pesos.
Operating income climbed 3.5 percent to 5.32 billion pesos. Net income was boosted by a gain of 687.6 million pesos from the value of derivative instruments, compared with an increase of 70.3 million pesos a year earlier.
Televisa rose less than 1 percent to 68.31 pesos at 9:47 a.m. in Mexico City. The shares had fallen less than 1 percent this year through yesterday, in line with the benchmark IPC index.
--Editors: Stephen West, Jonathan Roeder