Russia’s CTC Media remains optimistic about its future prospects despite reporting disappointing financial results.
Total operating revenues in Q2 amounted to $113,894,000 (€79,171,677), or 34.1% less than in the corresponding quarter in 2008.
OIBDA was meanwhile 36.7% down year-on-year at $46,509,000, and net income 37.9% lower at $30,335.000.
All CTC Media’s TV interests suffered sharp year-on-year falls in revenues in Q2, with the biggest (49.2%) being seen by the Domashny Television Station Group.
CTC Media says it continues to outperform the Russian market: ad revenues, which account for 90% of the total, were 12% down year-on-year in rouble terms in Q2, while for the Russian market as a whole the figure was around -21%.
CTC Media, which is backed by MTG, is also seeing its audience figures holding up well.
Its main operation CTC Network, for instance, had a share of 12.5% among viewers aged 6-54 in Q2 2009, as opposed to 11.6% a year earlier.