28-02-2008

CME reports best-ever annual results

By FNE Staff

Central European Media Enterprises Ltd., which owns broadcasting properties in six Central and East European countries, announced financial results for fourth-quarter and full-year 2007 described as the strongest in company history. The company reported its highest ever revenues and operating income.

Net revenues for 2007 increased 39% year-on-year to $840 million (€559 million), while operating income rose $65.4 million to $206 million. Net income from continuing operations increased $63.3 million to $88.6 million.

"CME's incredible performance in 2007 made us one of the fastest-growing multinational broadcasters in the world," said CEO Michael Garin in a statement Oct. 28. "With strong growth in our core TV business enhanced by our fast-developing new media activities and rapid multi-channel expansion, CME is well-positioned to continue to deliver outstanding value to shareholders."

The Bermuda-based company operates networks in Croatia, the Czech Republic, Romania, Slovakia, Slovenia and Ukraine covering an aggregate population of 90 million people.