As the global economic slowdown continues to dig in, European kids net Jetix suffered a 44% dip in net profit to US$26 million for the 12 months ended September 2008.
Overall revenue was down 18% to US$171 million over that period and operating profit dropped by 48% to US$16 million.
The downturn was anticipated by the company and was largely due to adverse exchange rate conditions. On the positive side of the ledger, subscriptions to the net increased by 1.8 million, to total 52.3 million across Europe. A large portion of the increase came from improved penetration in the Russian and Romanian markets.
As well, CEO Paul Taylor pointed to the success of newly launched co-pros Jimmy Two-Shoes and Kid vs. Kat.
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