Confirming its place on the roster of profitable corporate backers pumping capital into Spain's media sector, conglom Grupo Correo reported net profits for last year of Euros 69m (pts11,542m), a.4% rise over 1999.

Correo's best ever financial results place the group squarely in a competitive position amongst the likes of multimedia pioneers Prisa and Telefonica, which posted net profits last year of Euros 93m and Euros 2.5bn, respectively.

Correo boasts a ballooning presence in media businesses, including 25% of broadcaster Telecinco; a new 30% stake in film and TV production house BocaBoca; a 17% stake in film producer Esicma; and 17% of TV producer Grupo Arbol. The group is shaping up as a prime source of content for Spain's expanding television industry.

What's more, Correo looks set to compete with Telefonica and Prisa in Latin America as well. Last month the group announced plans to invest heavily in media and expand into other Spanish-speaking territories. The group also recently restructured its organization into five business areas including media; new technology; regional press and multimedia interests; international; and other related corporate interests.

Under the direction of newly appointed CEO Jose Maria Bergareche, Correo is expected to launch an IPO later this year.