Telekom Srbija’s Arena Channels was the third biggest loss maker among Serbian companies in 2022.
Quoting figures published by the country’s Agency for Economic Registers, N1 report that it made a net loss of RSD12.5 billion (€106.4 million), only behind Elektroprivreda Srbije (RSD72.6 billion) and Ikarbus (RSD24.6 billion).
It adds that Arena Channels’ loss last year was 2.6 times higher than in 2021, while its total accumulated loss was RSD18.14 billion, or 3.3 times higher.
The Agency said that “the net loss mostly stems from the performance of the core business, given that due to a significant increase in the costs of amortisation of intangible assets (from RSD1.99 billion to RSD15.7 billion), business expenses increased by 84.7% and amount to RSD19.4 billion, and despite the increase in business income by 26%, the company recorded a business loss of RSD12.3 (in 2021, it was RSD4.86 billion)”.
Arena Channels is wholly owned by Telekom Srbija and operates sports and cable channels, as well as licensed channels such as Euronews and Bloomberg Adria.
