Reporting its third-quarter results, Sky said its pre-tax profits were down by 72% to £56m while revenues were up 8% to £1.25bn.
Having taken a £373m write-down in the previous quarter on the value of its 17.9% stake in ITV, Sky wrote down another £131m this quarter, based on ITV's share price on March 28.
It gave no update on the future of its stake, which it has been ordered to reduced to 7.5% by the government within a confidential time limit.
The customer churn rate climbed from 10% in the previous quarter to 10.5%. Sky said that despite the economic slowdown this was the lowest third-quarter churn rate for four years.
Customers also continued to take up Sky's additional products, with an extra 229,000 signing up for broadband, giving the company 1.43m internet customers.
The number of households with Sky+ is up by 8% to 3.393m and the number of HD boxes sold is up by 10% to 465,000.
Jeremy Darroch, chief executive of Sky, said: "We are reporting a strong set of results today. We are delivering for customers through a combination of great quality, value and service. As a result, more customers are choosing Sky, they are more satisfied and they are taking more products than ever before."
Sky's share price rose 2.68% in early trading to reach 555p.
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