Central European Media Enterprises (CME) has posted net revenues of $680,793,000 (640,294,000) for 2014, up from $633,134,000 for the previous year.
Its operating income of $38,280,000 contrasted with a loss of $180,017,000 a year earlier, while the net loss was reduced from $277,651,000 to $227,428,000.
Looking as specific countries in CEE the company operates in, the Czech Republic is now firmly again established as the leading market both in terms of net revenues and OIBDA. These amounted to $202,779,000 and $61,964,000 respectively in 2014, with the latter figure contrasting with a loss of $9,604,000 a year earlier.
The next most lucrative market for CME in revenue terms was Romania, followed by Slovakia, Bulgaria, Croatia and Slovenia.
Commenting on the results, Michael Del Nin, co-CEO, said: We are very pleased to report that we accomplished all of the ambitious goals that we set for ourselves this year. Our financial performance continued to reflect the ongoing operational turnaround, and we delivered the strongest like-for-like revenue growth in six years, which, combined with our company-wide cost cutting initiatives, resulted in a very significant improvement in OIBDA.
Christoph Mainusch, co-CEO, added: We are committed to delivering the best content to our audiences and maintaining audience share leadership while controlling costs. Our programming set records in 2014, and our operations have maintained their momentum in 2015. We expect to regain additional market share in the Czech Republic and will build on our success in 2014 to continue improving margins in 2015.