Central European Media Enterprises (CME) has posted net revenues of $143,641,000 (€109,710,000) for the first quarter, an increase of 5% on the corresponding period in 2009.
While its EBITDA fell by 97% to $841,000 over the same period, its net loss eased by 5% to $42,294,000. At $135,425,000, broadcast still accounted for the majority of its revenues in Q1, though was only up by 1% year-on-year.
The strongest revenue growth was seen in CME’s Media Pro Entertainment group, up by 95% to $28,043,000, though its acquisition was only completed by CME in December 2009.
Commenting on the results, Adrian Sarbu, president and CEO of CME, said: “The recent completion of the Ukraine and Bulgaria transactions has consolidated our leaderships across all our six home markets. We have rebuilt CME as a vertically integrated media and entertainment company to better face the challenges in our industry. Demand for TV advertising continued to decline in the first quarter although at a slower pace. Central and Eastern Europe will gradually emerge from the crisis during the first half of 2010 and in the second half the demand for TV advertising is expected to show single digit growth. As recovery progresses we will convert our leading audience and market shares into strong revenues and operating margins.”
