CME on the up

08.24 Europe/London, October 26, 2011 By Chris Dziadul

CME has reported a generally encouraging set of results for its operations in Central and Eastern Europe, which include commercial TV stations in six markets.

Net revenues in Q3 amounted to $165,472,000 (€118,905,000), up 23.2% on the same period last year, while the operating loss was $12,910,000 ($25,345,000, +49.1%).
In the nine months to September 30, net revenues came to $587,900,000 (+22.6% year-on-year), while OIBDA was $85,838,000 (+101.7%).
However, the net loss from continuing operations amounted to $102,379,000, up by $10,897,000 (11.9%) on the same period in 2010.
CME’s Bulgarian broadcast operations grew particularly strongly in the first nine months of this year, with revenues of $63,359,000 being almost double the $32,440,000 posted a year earlier.
The slowest revenue growth over the same period was in Romania, the $112,425,000 figure comparing with $109,175,000 a year earlier.
The Czech Republic remained the most lucrative market, accounting for nearly two-fifths ($195,653,000) of a broadcast market worth $529,916,000 in the first none months of 2011.
Commenting on the results, CME president and CEO Adrian Sarbu said: “In the first nine months of 2011 we doubled our OIBDA from $43 million to $86 million when our TV ad markets showed mixed recovery. We now expect to generate revenues of approximately $850 million and OIBDA of $166 million for the full year. Audience leadership and cash flow generation remain our main priorities.”