Central European Media Enterprises (CME) has posted net revenues of $138,851,000 for the third quarter, up 1.3% (actual) and 7.3% (like of like) on the same period last year.
Its OIBDA amounted to $41,411,000 (+15.8%, 23.2%), while the net income for Q3 was $13,745,000, compared to $66,571,000 in the same period last year.
In its latest set of results the company notes that year-to-date highlights making include making a €50 million debt repayment in September. This brought the total amount of debt repayments in the year, using cash generated by the business, to €150 million.
Commenting on the results, Michael Del Nin, co-CEO, said: “We head into the final months of 2019 with another outstanding set of results that improve our outlook, leading us to raise our OIBDA guidance for the third time this year. The ability of the business to generate increasing amounts of cash remains impressive, driving further deleveraging and enabling us to repay additional debt. In fact, with another payment in the third quarter, we have now repaid more than half a billion dollars of debt in the last two years.”
Christoph Mainusch, co-CEO, added: “We saw a very successful start to the fall season, resulting in higher prime time audience share in each of our country operations during the quarter, and widening our lead over our nearest competitor in three segments. On the strength of that audience performance, we grew TV ad market share in four countries, led by the Czech Republic, which continued to deliver impressive results.”
