The broadcaster of Britain's Got Talent and The X Factor said that its total pre-tax profits were impacted by a £275m bond buyback scheme in June, which helped to lower the firm's debt interest payments.
Taking this away, and profits before tax would actually have been up 15% year-on-year to £235m, while earnings before exceptional items were up 10% to £265 million.
Overall, ITV's revenue in the six months to June 30, 2012, was up 11% year-on-year to £1.28 billion.
ITV has been hit by a downturn in the advertising market, which the broadcaster expects to continue into September.
The firm said that ad revenues are expected to be "broadly flat" in the nine months to September, but there are sharp drops expected this summer, including 10% in July, and 11% in August and September.
"The underlying TV advertising market continues to be relatively flat and while we remain cautious about the outlook for the TV advertising market for the remainder of 2012, we expect to outperform it for the year as a whole," said ITV.
Despite the gloomy forecast, ITV's share price increased 8% to 78p in early trading today (July 26) as the City focused on the positive signs of improved performance at ITV Studios.
Revenues at ITV's production arm were up 34% year-on-year to £355m in the six months to the end of June.
Thanks to successful formats such as Come Dine With Me and drama Titanic, profits at the division increased by 32% year-on-year to £50m.
ITV said that it expects growth at ITV to continue at a "similar rate to 2011", particularly as it invests further in the creative pipeline of new commissions and re-commissions.
Adam Crozier, the chief executive of ITV, said that the company's "relentless focus on cash and costs" was key to the turnaround.
Crozier, who implemented a five-year transformation plan after he joined ITV in 2010, was particularly buoyed by the success of ITV Studios.
"ITV Studios is performing strongly both in the UK and internationally with double digit revenue growth across all divisions and an increasing share of ITVS programmes aired on ITV1," he said.
"Our investment in the creative pipeline is now clearly coming through in the financial results."
ITV's broadcasting and online revenue was up 4% over the six-month period, although the overall share of viewing for ITV's family of channels was down 1%, while flagship channel ITV1 was down 3%.
Without rights to the London 2012 Olympics, the broadcaster will no doubt hope that the return of The X Factor later in the year will boost its fortunes in this regard.
There was better news at the online division, including on-demand service ITV Player. Long form video requests were up 20%, driven largely by mobile demand, while ITV recently completed consumer trials of its new ITV Pay Player.
"While ITV Family Share of Viewing was down 1%, our strong Autumn and Winter schedule gives us confidence for the full year," said Crozier.
"Online we performed well with long form video requests up 20% and further improvements in the reliability and distribution of ITV Player.
"Our pay and online strategy has made good progress with the launch of our archive pay deals and YouView, and is soon to take another step forward with the roll out of ITV Pay Player."
The results will no doubt fan the flames of speculation that ITV could now be a takeover target, particularly for private equity companies such as KKR, the co-controller of German commercial TV station ProSieben.