Cofina SGPS SA (CFN), a Portuguese newspaper publisher, rose as much as 11 percent in Lisbon trading after reporting revenue that beat analysts’ estimates.
The stock climbed as much as 5 cents to 49 cents as of 10:51 a.m. in the Portuguese capital. Cofina has dropped 36 percent this year, giving the company a market value of 50 million euros ($63 million).
Second-quarter revenue fell 9.3 percent to 29.7 million euros and earnings before interest, taxes, depreciation, and amortization dropped 22 percent to 3.7 million euros, the company said yesterday after the close of trading.
“Cofina maintains its effort to reduce costs and adapt to the weak advertising environment,” Tiago Veiga Anjos, an analyst at Banco BPI SA with a reduce recommendation on the stock, said today in a research note. Cofina’s revenue and Ebitda were 3 percent and 5 percent higher than BPI’s estimates, the note said.
Cofina shares climbed 22 percent yesterday, the biggest jump since February 2005, following an announcement that it will join Portugal’s benchmark PSI-20 stock index from Sept. 24.
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