RTL, which is run by German media giant Bertelsmann, gave no hint that a recovery in the advertising market was close at hand as it reported adjusted earnings before interest, tax and amortisation of €197m (£125m), down from €273m last time.
In a statement, RTL chief executive Didier Bellens said: "Visibility is still extremely low and, while there are some small positive signs in the UK and the Netherlands, the weak German market and a flat French market do not encourage us to call any sort of recovery at this stage."
RTL, which in the UK is behind such programmes as 'Pop Idol' and 'The Bill', has been hard hit by the advertising downturn. The group owns 24 television channels and 18 radio stations across Europe including the RTL channel in Germany.
Earlier this year, RTL has posted a €2.5bn loss relating largely to a €2.3bn write-off.
Despite the drop in profits, RTL said its UK television station Channel 5, of which it owns 65%, was making progress. RTL has recently committed to boosting investment in the station and scotched speculation that it was considering a bid for one of the ITV companies.
RTL has been pleased by the performance of Channel 5, which is set to relaunch as Five next week, following a rebranding of the station. Audience share has risen to 6.4% from 5.6% in the first half of 2001 and advertising share is up to 7.3% from 6.1%.
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