Central European Media Enterprises (CME) has posted another impressive quarter, during which it completed to the sale of its operations in Croatia to Slovenia Broadband.
Its net revenues in the three months ending September 30 increased by 3% at actual rates and 4% at constant rates to $123.5 million. Meanwhile, operating income rose by 31% (actual) and 34% (constant) rates to $21 million and OIBDA by 34% (actual) and 36% (constant) to $33.6 million.
Commenting on the results, Michael Del Nin, co-CEO, said: “Almost any way you look at it, it’s been a great quarter for the company. With exceptional profit growth, we continue a trend seen over the last few years that has been largely unmatched across the industry. And we believe there is more to come, with solid growth expected to persist in the coming years. Given the progress that has already been made in reducing debt and the relatively low borrowing costs that we are already enjoying, this should allow us to deliver to an appropriate level in the near term, and provides additional opportunities to improve shareholder returns beyond that.”
Christoph Mainusch, co-CEO, added: “We launched the fall season in all countries during the third quarter, and our networks continue to provide the best reach for advertisers in each territory. We do this while focusing on more efficient spending, so with revenue improvement and lower costs, OIBDA nearly doubled in Slovakia and Bulgaria in the quarter. TV viewership in the region remains strong, and we believe the role of television here is unique in its ability to attract a wide audience.”
CME is present in the Czech Republic, Slovakia, Bulgaria and Romania.
It notes that the sale of its Slovenian operation, not included in the results, still remains subject to certain closing conditions, including receipt of Slovenian regulatory approval.
