Canal Plus has reported first-half net profit of Euros104m - compared to a Euros36m loss during the same period last year - mostly due to a Euros205m one-time gain from the sale of its 24.9% stake in German channel Vox and a 4% stake in CanalSatellite.

But consolidated profit before exceptional items and goodwill amounted to a Euros90m loss, up from a Euros17m loss in the same period last year.

The company's bottom line continues to be dragged down by its foreign pay-TV activities which reported a Euros130m loss - including a Euros119m loss from Italy's Telepiu - offsetting a Euros130m operating gain from its French pay-TV operations.

Canal Plus' investment in internet-related activities - through CanalNumedia which was consolidated for the first time this year - also weighed down its first half figures.

The group's consolidated revenues - announced a month ago - rose 20% to Euros1.858bn compared to Euros1.547bn for the first half of 1999. This was mainly due to pay-TV activities, up 14% to Euros1.577bn, and rights trading activities up 63% to Euros199m.