CME posts profit in Q2

28-07-2011

By Anna Franklin

PRAGUE: Central European Media Enterprises (CME) has posted a small 2011 second quarter profit despite a contraction in the advertising market generally in central and eastern Europe. Second quarter net revenues were 249.7m USD and OIBDA1 of 76.9m USD.

The Nasdaq – listed company which operates 25 channels in six countries in the region reported attributable net income of 968 000 USD compared to a net loss of 21.1m USD in the first quarter of 2011. The results were better than expected considering a general contraction of 3 percent in the overall advertising market in the region in Q2. The results boosted the company’s shares with on the Prague Stock Exchange where CME is listed in addition to its Nasdaq listing.

Much of the improved results came from strong performance of TV stations in Croatia and Bulgaria which offset a weaker performance in the Czech Republic which is CME’s main market. CME’s TV Nova has an audience share of over 40% in the Czech Republic and a market share of over 70%. CME recently also acquired 100% of the shares of the Prague based Bonton Film (www.bontonfilm.cz)

CME (www.cetv-net.com )

Published in Czech Republic