Net revenues posted by Central European Media Enterprises (CME) in Q3 were 5.2% higher at constant rates compared to the same period in 2014 and amounted to $117.3 million.
They were boosted by 5% like-for-like growth in TV ad revenues, while OIBDA in Q3 was, at $8.4 million at constant rates, triple that a year earlier.
CME notes that the TV ad markets in the six CEE countries it operates in grew by an estimated 7% in the first nine months of this year.
Commenting on the results, Michael Del Nin, co-CEO, said: “Since joining CME two years ago, we have delivered on each and every one of the actions needed to turn the Company around and that turnaround phase is now behind us. The improvement in revenues, together with significant adjustments to the cost base of the company, have resulted in seven consecutive quarters of year-on-year OIBDA margin expansion.”
Christoph Mainusch, co-CEO, added: “Key programmes in prime time have outperformed their slot in the prior year despite continued focus on cost control. The reach we provide to advertisers is unmatched in our markets and that positions us perfectly to capitalise on strong and growing demand for television advertising.”
