Gloom time for CME
By Chris Dziadul | April 29, 2009
CME, one of the leading commercial TV operators in Central and Eastern Europe, has posted what is probably the worst set of results in its decade and a half history.
Net revenues in Q1 amounted to $141.2 million (€108.3 million), 37% down on the same period in 2008, while EBITDA was, at $15.5 million, 76% lower.
Its net income of $14.5 million in Q1 2008 was transformed into a loss of $44.5 million in the first quarter.
Net revenues in six of its seven markets were all down on last year (Bulgaria, the seventh, was only acquired in August 2008 and could not be compared), and losses were posted in Bulgaria (impairment), Croatia and Ukraine.
Despite its poor recent performance, CME recently managed to secure a crucial investment of $241.5 million from Time Warner which, the company’s president and CEO Adrian Sarbu believes, “is a sign of confidence in our markets, people and strategy for the future.”