Central European Media Enterprises (CME) had total net revenues of $292,967,000 in the first half for its six operations in CEE.
Although this was 12.2% lower than the $33,516,000 a year earlier, in like-for-like (Lfl) terms it was up by 8.2%. Meanwhile, OIBDA amounted to $58,259,000 (+55.7% actual and +99.4% Lfl) and the net loss fell from $100,353,000 to $81,952,000.
CME notes that its audience share improved in five of the six countries in both all day and primetime. Also, its TV ad markets in all six increased by 7% in H1 and its share of the TV ad market in five of the six countries increased in Q2.
Commenting on the results, Michael Del Nin, co-CEO, said: “The results for this quarter exceeded our expectations and reflect the sustained and broad-based strengthening of our operations. Driven by like-for-like revenue growth in every one of our markets and highlighting the company’s strong operating leverage, OIBDA at constant rates almost doubled in the first half of the year compared to the corresponding period in 2014.”
Christoph Mainusch, co-CEO, added: “Our programs topped the charts during the spring season and we increased our audience share in five out of six countries while reducing content costs. The combination of revenue growth and lower costs resulted in a significant improvement in our OIBDA margin in the first half of 2015, and we expect that trend to continue for the full year.”
