Central European Media Enterprises (CME) appears to have finally turned the corner after one of its most challenging years ever in the CEE region, where it has commercial TV interests in six markets.
Results published by the company show that its total net revenues in Q2 amounted to $201,276,000 (€154,852,000), as opposed to $182,967,000 in the same period in 2009. The corresponding H1 figures were $345,367,000 and $319,287,000 respectively.
Net income was meanwhile $165,169,000 ($24,081,000) in Q2 and $122,875,000 (-$20,357,000) in H1.
Commenting on the results, Adrian Sarbu, president and CEO of CME, said: “Our results in Q2 2010 are stronger than in Q2 2009. Revenues on a constant currency basis increased by 15% and OIBDA by 6%, despite a 4% decline in TV ad spending. The decisive actions we took in last four quarters to reposition our business, including the sale of our Ukrainian operations, acquisition of bTV in Bulgaria and integration of Media Pro Entertainment, have paid off. The first half of the year was difficult with only Czech Republic and Slovenia starting to recover. The second half will be challenging but our continuing audience leadership uniquely positions us to take advantage of any improvements in our markets.”