Russia’s Gazprom Media has posted net profits of R379 million (€5.2 million) for the first quarter, bouncing back from a loss of R1.708 billion in the same period last year.
According to Kommersant, this turnaround was largely down to revenue growth of its entertainment TV channels, film business and Match TV. Gazprom Media’s consolidated revenues in Q1 amounted to R20.72 billion, or 11% more than a year earlier.
Although it received 74% of its revenues from TV advertising in Q1 2016, it has not provided a figure for the first quarter this year.
The company’s entertainment channels include TNT, TV-3, Pyatnitsa!, TNT4 and 2×2.
Gazprom Media’s expenses grew faster than its revenues last year due to the cost involved in operating Match TV, which made its debut in late 2015, and the re-launch of NTV.