Spanish telecoms operator Telefonica reported a drop in net profit for 2001, down 15.9% to Euros 2.1bn from Euros 2.5bn in 2000. The company estimates the devaluation of the Argentine peso impacted its results by as much as Euros 369m.

Telefonica media filial Admira posted Euros 347.3m in net losses, a figure which represented a 44.7% year-on-year improvement over 2000 losses totalling Euros 627.4m. The company posted positive earnings before interest, taxes, depreciation and amortisation (EBITDA) of Euros 152.5m and an operating profit of Euros 77.1m.

In a statement, the group chalked Admira's overall negative results up to a sluggish advertising market for its TV interests and a not unrelated slowdown in TV production "since the production companies were pressed to reduce the price of programming amid a softening advertising environment."

Admira pay TV platform Via Digital posted a negative EBITDA of Euros 262.7m despite a 27.4% increase in subscribers to 806,379. Free-to-air broadcaster Antena 3 reported a positive EBITDA of Euros 112.2m, knocked down a whopping 42.7% from the previous year.

Endemol, which expanded this year into Brazil and Mexico with co-production accords with TV Globo and Televisa, posted consolidated revenues up 62.8% to Euros 914.3m and an EBITDA of Euros 150.7m, a 51.1% jump over 2000.

The economic crisis in Argentina left its mark on ATCO, the Argentinean media holding incorporated 100% by Admira last year, which posted a negative EBITDA of Euros 2.1m.