Shares in Mexico's Televisa plunge after SKY Q1 profit drop

By Rafael EscaleraMontoto and Aida Pelaez-Fernandez

MEXICO CITY, April 30 (Reuters) - Shares of Mexico's largest broadcaster Grupo Televisa plunged 6% on Wednesday, a day after the company said its first-quarter net profit fell 66%, largely due to lower revenues from its satellite TV unit SKY.

The world's biggest producer of Spanish-language content reported net profit of 319.8 million pesos ($15.63 million) on revenue of 14.97 billion pesos, a 6% decrease in sales from the year-ago period.

"Revenues disappointed once again," said Gerardo Cevallos, an analyst at Vector Analisis on Wednesday.

Televisa last year announced the merger of SKY with Izzi , its cable TV and internet service, in a restructuring.

"We are still finalizing some synergies with Sky," Izzi CEO Francisco Valim told investors on a Wednesday call. The company is working to improve margins but is not forecasting any increments, he added.

Televisa on Tuesday reported 330,800 disconnections from Sky with a 13.2% dip in revenue in its unit SKY.

Capital expenditures for 2025 "should not deviate much" from the $665 million announced in February, Valim said.

($1 = 20.4604 pesos at end-March)