Central European Media Enterprises (CME) has posted net revenues of $137,042,000 (€105,133,000) for the first three months of this year, or 18.2% less than in the same period in 2012.
Its operating loss was meanwhile $34,999,000 ($10,303,000) and net loss $108,962,000 ($13,813,000).
Commenting on the results, Adrian Sarbu, the company’s president and CEO, said: “2013 is a year of bold actions to restore the value we receive for our products. We raised advertising prices and carriage fees. The first quarter results reflect the initial phase of implementing these actions. While successful in most of our countries, we met some resistance from certain media agencies and advertisers in the Czech Republic where consumption of GRPs declined, impacting our revenues and OIBDA.
“Our pricing actions in the Czech Republic and across our region will continue as we are determined to reverse the trend of declining TV advertising spending. The proceeds we look to raise from the equity offerings announced today will enable us to further execute our strategy and deleverage. Post transaction we expect to have the resources in place to accomplish our main goal: growing CME.”
CME is a leading commercial broadcaster is six Central and East European markets.
