Central European Media Enterprises (CME) has posted net revenues of $249,656,000 (€172,587,000) for the second quarter, or 23.8% more than in the corresponding period last year.
Its OIBDA stood at $62,693,000 (+35.7%), while a net profit of $812,000 contrasted with a loss of $52,913,000 in Q2 2010.
Revenue growth in the second quarter was strongest in the new media segment, up by 57.5% y-o-y to $4,612,000, while OIBDA grew most for Media Pro Entertainment, up 391% y-o-y to $4,612,000.
Revenues grew in all six CME markets in Q2, with the largest rise being in Bulgaria, up from $17,794,000 to $26,662,000 over the year.
OIBDA meanwhile grew in all but one market, the $9,297,000 posted in Romania in the second quarter being $1,444,000 lower than a year earlier.
Commenting on the results, CME president and CEO Adrian Sarbu said: “Our Revenues and OIBDA increased 24% and 36% respectively. This improvement was driven by our strong brands, leading audience shares in broadcasting and fast growth in Media ProEntertainment and New Media divisions. Our operations performed better than advertising markets which in Q2 contracted by 3%. However, based on continuing improvements in macroeconomic indicators, we foresee a growth trend in all our TV advertising markets in the second half of the year. We are best positioned in the region to take advantage of this trend and deliver growth in Revenues, OIBDA and free cash flow.”
