ITV’s pre-tax profit tanks 93% in the fiscal first half

ITV plc (LON: ITV) said on Thursday that its revenue from advertising came in 21% lower in the first half (H1) of the current fiscal year. The company attributed its dovish performance to the Coronavirus pandemic that weighed on demand for production and advertisements. Consequently, its pre-tax profit slumped by an unparalleled 93%. Shares of the company tanked less than 1% in premarket trading on Thursday. The stock, however, declined by another 4% in the next few hours. At 60 pence per share, ITV is currently trading about 60% down in the stock market on a year to date basis.