TVN Group, which belongs to media concern ITI, registered a consolidated net loss of zł.98.03 million in Q2, compared to a profit of zł.148.99 million for the same period last year.

At the same time the group, whose portfolio includes broadcaster TVN and 24-hour news channel TVN24, saw consolidated revenues rise to zł.658.22 million, compared to zł.580.01 million seen in Q2 of 2009.

The net result came in below expectations, as the average result predicted by analysts contacted by Rzeczpospolita was a net loss of zł.71 million.

In a press release the group blamed TVN's net loss on the depreciation of the Polish złoty against the euro in Q2, which led to non-cash foreign exchange losses on revaluation of the group's euro denominated 10.75 percent senior debt.

The group's statement also maintained that a zł.25 million y/y increase in net interest costs, which totaled zł.74 million in Q2, was another key factor impacting on its results.

For the first half as a whole, TVN Group recorded a zł.34.07 million consolidated net loss, in comparison to a zł.119.2 million net profit last year; revenues for the first half stood at zł.1.2 billion, against last year's figure of zł.1 billion.