Mexico's Televisa posts 47% jump in Q3 net profit

Grupo Televisa, Mexico's largest broadcaster, said on Thursday that third-quarter net profit jumped 47% from a year earlier, boosted by lower financial expenses.

The company posted a net profit of 1.118 billion pesos ($55.56 million) up from 760.6 million pesos in the same period in 2021.

The company's revenue edged up 3.6% to 19.252 billion pesos from the year-earlier period.

The company said in a statement filed to the Mexican stock exchange that its board approved a spin-off proposal for some of its businesses including soccer operations and the iconic Azteca stadium in Mexico City.

It said it expects this proposal to be implemented in the first half of next year, pending the necessary regulatory approvals.

($1 = 20.1271 pesos by end-September)

(Reporting by Cassandra Garrison; Editing by Christian Plumb and David Gregorio)