MEXICO CITY, (Reuters) –Grupo Televisa, Mexico’s biggest broadcaster reported a 8.6% drop in fourth-quarter net profit compared to a year ago due to lower operating segments income and fewer recharges for prepaid packages.

This company reported a 4th quarter net profit of 3 Billion Pesos ($148 Million) in comparison to the 3.3 Billion pesos for the same period in 2020.

Sales for the fourth quarter fell 4.4%. According to the Mexican stock exchange filing, Sky’s direct-to-home satellite TV unit had seen fewer recharges than usual due to workers returning home from work and students.

Operating segment income fell 13.9% to 1.85 billion pesos in the same year.

It said that revenue increased by 3.7% to 28,8 billion pesos over the previous year.

Televisa said that the advertising revenue rose 7.2%, to 7.1 Billion Pesos. The company attributed this to private-sector customers who wanted to promote their brands or products to potential customers.

Televisa stated that the COVID-19 epidemic continued to impact businesses, partly due to restrictions on broadcast rights for sporting and entertainment events.

The company stated that the “deteriorating global economic conditions as a consequence of the pandemic” could eventually reduce demand for its products through its segments, as customers and users decrease or postpone spending.

($1 = 20.5075 pesos at end-December)