PREVIEW-Televisa net seen up;World Cup,new channel may dent

* WHAT: Televisa Q1 results

* WHEN: Thursday April 29 after market close

* REUTERS FORECAST: Net profit increase of 24 pct

MEXICO CITY, April 28 (BestGrowthStock) – Mexican broadcaster
Televisa is seen posting a strong rise in first-quarter
earnings helped by the recent consolidation of a business, but
operating profit may suffer from costs related to World Cup
rights and the launch of a new cable channel.

Televisa (TV.N: ) (TLVACPO.MX: ) probably earned 1.216 billion
pesos ($98 million) in the first three months of the year, up
24 percent from the same quarter of 2009, according to the
average forecast of six analysts polled by Reuters.

Quarterly revenue is expected to increase by 7.5 percent in
the January-March period to 12.212 billion pesos.

Late last year, Televisa began to include in its results
the sales of a cable company it had earlier purchased. That
will give Televisa’s overall sales a boost in the first quarter
compared to January-March of 2009.

But operating profit is expected to decline slightly from a
year ago.

Televisa has been spending to acquire rights to air soccer
matches during the upcoming South Africa World Cup on both open
and pay television. It also launched a 24/7 cable channel in
mid-February.

Salary increases and the restructuring of the publishing
business and its product portfolio are also seen hurting
results, according to a report from Santander.

Earnings before interest, tax, depreciation and
amortization (EBITDA) are seen rising just 1.3 percent in the
first quarter to 3.988 billion pesos.

Televisa is due to report its earnings on Thursday after
the market close.

Following is a table with the expected results:
————————————————————

JAN-MARCH JAN-MARCH PERCENTAGE

2010 2009 CHANGE
————————————————————
Revenue 12.212 bln 11.362 bln + 7.5 pct
EBITDA* 3.988 bln 3.937 bln + 1.3 pct
Operating profit 2.719 bln 2,729 bln – 0.4 pct
Net profit 1.216 bln 978 mln +24.3 pct
————————————————————

* EBITDA: Televisa does not disclose earnings before
interest, taxes, depreciation and amortization. Figures were
calculated by analysts.

Stock Basics

($1 = 12.387 as of end-March)
(Reporting by Cyntia Barrera Diaz, editing by Dave Zimmerman)

PREVIEW-Televisa net seen up;World Cup,new channel may dent