Central European Media Enterprises (CME) is on the road to financial recovery though still posting losses.
The latest set of results published by the company, which has broadcast interests in six CEE markets, show that it had net revenues of $204,870,000 in Q2, up from $175,566,000 in the same period last year.
Although OIBDA was also up ($41,579,000, compared to $7,955,000), the net loss increased from £41,093,000 to $52,507,000 over the same period.
However, the net loss in H1 was, at $101,139,000, 32.6% lower than the $150,051,000 posted for the corresponding period in 2013.
Romania was CME’s best performing market in revenue terms in both Q2 and H1, though the Czech Republic, at one time regarded as the jewel in the company’s crown, showed strong signs of recovery and looks set retake top spot in the near future.
Commenting on the results, Michael Del Nin, co-CEO, said: “Our results demonstrate the continuing significant improvement in the company’s financial position, and provide further evidence that our turnaround is well underway.”
Christoph Mainusch, co-CEO, added: “We reduced content costs while maintaining our audience share leadership, despite competition from the FIFA World Cup. This is proof of the strength of our content”.
