FRENCH CHANNEL TF-1 PRESIDENT SEES PROFIT IN 1988
France's state-run television channel
TF-1, which is in the process of being privatised, should
achieve a profit of around 25 francs per share next year after
several years of losses, but will not make a profit this year,
the new TF-1 president Francis Bouygues said.
    Interviewed on TF-1 on the eve of the public flotation of
40 pct of the channel's equity, Bouygues said "in 1988 we have
to make a profit, and we will make a profit."
    "I envisage per share profits of 25 francs," he said. "I am
very optimistic."

    Bouygues said exceptional costs associated with the
restructuring of the station would prevent a profit this year.
    The state sold a 50 pct stake in TF-1 in April to a
consortium led by Bouygues, a construction magnate, and
including British press baron Robert Maxwell.
    Tomorrow 40 pct of the shares go on sale to the public at
165 francs each, while 10 pct will be offered at a special
price of 132 francs a share to the station's staff.
    Bouygues said a dividend would be paid to shareholders next
year if the station did return to profit.

    Asked if he thought the flotation price was right, Bouygues
said, "I paid virtually double...I consider that it is a good
buy."
    The Bouygues consortium paid three billion francs for its
50 pct controlling stake in April.
    After the two-week public flotation, TF-1 shares will start
trading on the second market here in late July.

 REUTER
