Canal+ Spain operator Prisa has announced a tripling of its losses as it prepares to sell its TV assets.
Losses reached €648 million and a depreciation of €853 million made to cover an increase in VAT and to counter the strategy of its pay-TV competitiors.
Canal+ increased revenues by 9.2% to €1,166.17 million. However, while football pulled in the revenues it was unable to maintain its satellite subscriber base that fell back by 99,179 during 2013.
In the fourth quarter, net adds fell by 12,895 although Canal+ increased its market share to 44.3% from 42.5% one-year back.
Canal Plus recorded EBIT (operating losses) of 65.48 million, compared to earnings of €83.6 million a year ago.
