Russia’s CTC Media has posted operating revenues of $187,348,000 (€146,231,960) for Q4 2008, or 15.9% more than in the corresponding period in 2007.
However, it has also posted a net loss of $89,044,000 in the quarter, as opposed to an income of $59,699,000 in Q4 2007.
The company notes that the significant depreciation of the rouble to the US dollar from August 2008 onwards impacted on its year-on-year advertising growth by 9% in Q4.
It also says it has decided not to provide formal guidance for 2009 in the light of the continuing currency depreciation and global financial crisis.
CTC Media, which is backed by Sweden’s Modern Times Group (MTG), lists the national commercial TV network CTC and thematic channel Domashny among its interests.