By Chris Dziadul
Published: October 27, 2010 09.03 Europe/London

The latest results posted by CME show the company is on the way to recovery in Central and Eastern Europe but by no means yet out of the woods.

Net revenues for its operations in six markets in the region in Q3 amounted to $134,354,000 (€96,602,000), up from $128,235,000 in the same quarter last year. OIBDA was meanwhile -$4,487,000 (-$2,532,000) and the operating loss -$25,345,000 (-$20,731,000).

However, the company posted a net profit of $3,416,000, which was a significant improvement on the loss of $21,550,000 in Q3 2009.

The broadcast sector continued to attract the lion’s share of revenues in Q3, though the figure of $123,549,000 was slightly down (1.9%) on a year earlier.

MediaPro Entertainment was the best performing sector, its revenues growing by 42.7% year-on-year to $26,510,000.

Commenting on the results, Adrian Sarbu, president and CEO of CME said: “Our strategy to reposition CME as a vertically integrated media company is working. Our results today are stronger than a year ago. The recent refinancing has improved our liquidity position and we have started to repurchase debt opportunistically. The audience leadership and high operating leverage which we built, together with our strong liquidity, will enable us to further reduce gross debt and interest cost as our markets are expected to improve next year. With recovery continuing in the Czech Republic, Slovenia and Croatia in Q4, we are on track to deliver full year OIBDA guidance of $100 – 115 million.”