MEXICO CITY, July 7 (Reuters) - Shares in Mexican broadcast giant Televisa fell more than 5 percent on Tuesday, the day after the company reported a 40 percent drop in its second-quarter profits on higher financial costs.
In early morning trading, Televisa shares were down 5.44 percent at 114.10 Mexican pesos ($7.22) per share.
On an earnings call, Televisa’s Executive Vice President Alfonso de Angoitia said that during the quarter, the company was too focused on increasing sales and in the future would be more disciplined with its advertising rates.
Televisa’s advertising segment reported a 16.4 percent drop in revenue, the company said in its report on Monday.
$1 = 15.8262 pesos Reporting by Miguel Angel Gutierrez