23-10-2019

CME Posts Mixed Results in Q3 Report

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PRAGUE: Central European Media Enterprises (CME), which operates leading commercial stations in Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia, announced third quarter net revenues that grew by one percent as of 30 September 2019.

The results were mixed, with net revenues at 139 M USD, but net income showing a steep decline to 14 M USD compared to 69 M USD for third quarter of 2018. A similar unbalance was noted in the nine-month figures.

CME continued to pay down debts, but also showed a decline in total assets over the past nine months, at 1,339 M USD, compared to 1,488 USD at the beginning of 2019.

Net revenues rose by the highest percentage (6.1) in Slovakia, followed closely by Slovenia and by 3 percent in the Czech Republic. Romania noted a 3.5 percent decline and Bulgaria had a decline of 1.7 percent.

Co-CEO Michael Del Nin said in prepared remarks that CME “repaid more that a half a billion dollars of debt in the last two years.” Co-CEO Christoph Mainusch added that the prime time audience share grew in each of the company’s country operations.