CME, which owns and operates 22 TV stations in seven Central and East European territories, said in a company report that net revenues for the nine months ended September 30, 2008, increased 35% to $729.9 million, compared to the same period one year ago. Net revenues for the third quarter of 2008 increased 15% to $201 million.

In a statement, CEO Michael Garin said, "Our initial talks with advertisers for 2009 support our view that the global economic crisis has not had a significant impact on TV advertising spending in our markets." He projected continued double digit gains in 2009.

The CME results come on the heels of a free fall in the price of its stock. Trading was suspended on the Prague Stock Exchange on Friday. On NASDAQ, the stock, which lists at CETV, closed at $20 on October 28, but regained more than 10% of its loss on Wednesday. The year high was $126.53, and the low was $17.75. There were 1.5 million shares traded, almost twice the daily average.

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