UPDATE: TF1: Swings To EUR2 Million 3Q Net Profit; Targets 09 Revenue -11%

French broadcaster Television Francaise 1 SA (TF1.FR) Tuesday said it swung to a third-quarter net profit of EUR2 million and noted a smaller decline in advertising revenue than in previous quarters, saying it is aiming to limit its decline in full-year revenue to 11%.

TF1, a unit of French conglomerate Bouygues SA (EN.FR), posted net profit of EUR2 million for the three months to Sept. 30, compared with a restated net loss of EUR14 million a year earlier.

Revenue fell 3% to EUR498 million, from a restated year-ago figure of EUR512 million, the company said.

Still, TF1 painted a picture of a revenue trends "stabilizing."

The economic downturn has hurt broadcasters as companies have cut their publicity budgets.

"Advertising revenue fell by just 6% in the third quarter of 2009, after declining by 27% in the first quarter and 19% in the second quarter," TF1 said.

The French broadcaster noted a "recovery in advertising spending in some sectors, especially consumer goods."

TF1 said it has set a target to limit revenue decline over the full year to 11%, a lower drop than the 13% fall it had penciled in as a "working hypothesis."

The company also reiterated a full-year cost savings target of EUR70 million.

Company Web site: www.tf1finance.fr

-By Adam Mitchell, Dow Jones Newswires; [phone]; [e-mail]