Spanish private broadcaster TeleCinco has reported a 51.9% profit increase for the 1999 financial year to euros110.5m (pts18,388m). Revenue rose 24.3% to euros512.7m (pts85,301m) over the same period.

The channel, which described itself as "the most profitable [channel] in Europe", attributed the strong results to increased ad revenue, higher audience shares and a cost reduction in operations.

TeleCinco also announced the launch of a 24-hour Internet news channel,, and a Spanish version of European portal Jumpy in partnership with Grupo Correo and Italy's Fininvest. The network also boasts interests in TV production (Estudios Picasso) and theatrical exhibition (Premiere Megaplex).

"We are changing this company radically," said CEO Paolo Vasile. "We are transforming Tele5 into a major communications company whose flagship will be the television channel [and] to which we will add various kinds of businesses."