MILAN (Reuters – Italy’s largest private broadcaster MediaForEurope said that it expects “positive economic results this year” partly because of its ability to rapidly reduce costs due to the Ukraine war curt advertising spending.

MFE stated that there has not been a significant effect on advertising markets so far due to the conflict and the resulting higher commodity and energy prices. This could impact advertising spending.

It said that advertising revenue in Italy for the group rose slightly in the first quarter compared to last year, in a Thursday statement.

Following a COVID driven slump in 2020 and a recovery in MFE’s Spanish and domestic markets, profits were up last year for the company, formerly known as Mediaset.

MFE, which is controlled by Silvio Berlusconi’s family, reported that its 2021 operating profit increased by 52%, to 476 millions euros. This was in keeping with the preliminary numbers provided last month.

It also stated it was proposing to pay a dividend of 0.05 Euro per share.