The Russian MTG-backed national commercial broadcaster CTC Media saw its net income slump by 77% year-on-year in US dollar terms in H1.

The $13.1 million it has posted in its latest set of results contrasts with $57.9 million in the same period in 2014.

In Russian ruble terms, the fall was a slightly lower 63%, from R2,060.7 million to R753.1 million.

The broadcaster’s operating revenues were down by 54% (to $171.4 million) and 25% (to R9,766.1 million), and OIBDA by 81% (to $19 million) and 70% (to R1,077.8 million) respectively over the same period.

Commenting on the results, Yuliana Slashcheva, CEO of CTC Media, said: “The first half of 2015 has been a challenging period for CTC Media as a result of regulatory, macroeconomic and commercial developments. We are continuing to work towards an appropriate response to new restrictions on foreign ownership of television in Russia that will become effective in 2016, and as previously announced our board of directors and its special committee are currently considering a non-binding offer we have received from UTH for the acquisition of a controlling interest in our operating business”.