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Media company Grupo Clarin swung to a profit as cost cuts offset lower advertising revenue and a drop in circulation revenue hurt performance.
For the year ended 31 December 2020, pre-tax profit was Ps. 236.8 million (Argentine pesos), compared with a loss of PS. 1.078 billion a year earlier, while revenue fell 23.1% to 26,639.7 million
Adjusted EBITDA reached Ps. 3,245.5 million, an increase of 44.3% compared to 2019, mainly driven by costs reductions.