Central European Media Enterprises (CME) has posted an income of $134.5 million (€89.7 million) for the third quarter, or 33% less than in the same period last year.
At the same time, its operating profit was down by $40.6 million and converted into a loss of $33.5 million. Net profit from ordinary activities meanwhile fell by $5.7 million and converted into a loss of $24.3 million.
Commenting on the results, CME president and CEO Adrian Sarbu said: “This is the fourth quarter where we recorded a decrease advertising markets. Ad spending is decreased by 30% compared to 2008. We believe that the markets have reached bottom. We are located in a new starting point. Macroeconomic forecasts for 2010 have improved and we expect that advertising markets will follow GDP growth.”
CME is a leading operator of commercial TV stations in the CEE region, with a presence in seven countries.
It will hold a conference call to discuss the results later today (October 27).