Central European Media Enterprises (CME) has reported net revenue in 2012 of $772.1 million (€590 million), down from $864.8 million in 2011.
Operating loss for the year ended December 31, 2012 was $488.2 million compared to an operating income of $6.8 million in 2011. Net loss for the year ended December 31, 2012 was $546.4 million compared to $179.6 million in 2011.
Net revenues for the fourth quarter of 2012 were $253.3 million compared to $276.9 million for the fourth quarter of 2011.
Operating loss for the quarter was $483.1 million compared to $12.1 million in 2011. Net loss for the quarter was $503.1 million compared to $77.2 million in 2011.
Adrian Sarbu, CME’s President and CEO, commented in a statement: “As guided in November, our performance this year reflected the tough market conditions in 2012. Challenging times require bold actions: increasing advertising prices and carriage fees.
“With strong leadership positions in all our markets, no debt due until November 2015 and the support of our major shareholders, we are looking forward into 2013 with confidence that we can build upon our strengths and increase our revenues. We are planning to restructure our operating model, to reduce the cost base and improve our capital structure and liquidity.”
