Owned by the family of former Italian Prime Minister Silvio Berlusconi, MFE said its earnings before interest and tax (EBIT) fell to 112 million euros ($107.15 million) in the six months ending June.
Gross domestic advertising sales, which make the bulk of the group's revenue, stood at 976.4 million in the first half, broadly flat from 976.9 million euros the year before.
The company warned the economic downturn linked to the Ukrainian conflict could affect the TV group's advertising sales in the coming months as businesses and households will likely curb spending and consumption to cope with energy price hikes.
"For the moment, this scenario has not led to a significant slowdown in the group's advertising sales," the company said, adding it still expected to report "positive" results for the whole year.
($1 = 1.0453 euros)
(Reporting by Elvira Pollina; editing by Agnieszka Flak)
