Central European Media Enterprises (CME) had net revenues of $135 million in the first quarter of this year, an actual increase of 4.7% (8.1% like-for-like) on the same period in 2016.
Its OIBDA was $22.1 million (+29.4%, +35.2%), while the company’s net loss was reduced to $11 million (+72.6%, +72.6%).
In its latest set of results, CME says that the TV ad markets across its six countries increased an estimated 9% overall at constant rates in Q1.
TV ad revenues increased 4% at actual rates and 8% at constant rates, which reflected significant growth of demand in Romania, as well as higher levels of spending in the Czech Republic, Bulgaria and Slovenia. Meanwhile, carriage fees and subscription revenues increased 11% at actual rates and 15% at constant rates because its channels in the Slovak Republic and Slovenia have been distributed exclusively on cable, satellite and IPTV platforms since January.
Commenting on the results, Michael Del Nin, co-CEO, said: “We’re thrilled with the way the year has started. These great financial results, combined with the recent transaction to lower the cost of all of our outstanding debt, have made the first quarter one of significant progress and achievement, causing us to be very optimistic about the rest of 2017. We feel confident that we are on track for yet another year of strong earnings growth and significant deleveraging.”
Christoph Mainusch, co-CEO, added: “Our popular local content improved the competitive positioning of our channel portfolios in nearly all countries, while overall profitability of the operations increased. And our teams across the footprint remain focused on improving our existing titles and developing new and more attractive formats to provide more variety in our program offering. This is a win-win for both our audiences and our advertising partners.”
