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CME 9 Mo Revenues In Romania Up 44.9% On Yr, To $197.1M

Revenues obtained by Central European Media Enterprises (CME) in Romania increased 44.9% in the first nine months of the year, to $197.1 million, while the group’s earnings before interest, tax, depreciation and amortization (EBITDA) increased 43.1%, to $81.78 million.
CME 9 Mo Revenues In Romania Up 44.9% On Yr, To $197.1M
29 oct. 2008, 14:49, English

In the third quarter of the year, CME’s revenues in Romania increased 33.7%, to $59.28 million, while EBITDA was up 3.2%, to $20.116 million, the group said in a press release.

In Romania, CME owns television stations Pro TV, Pro Cinema, Acasa, Pro TV International, Sport.ro and MTV Romania.

The group’s net consolidated revenues rose 35% in the first nine months, to $729.9 million, while operating income increased 37.4%,to $148.8 million.

CME’s consolidated net profit was up more than four times to $67.7 million in the first nine months of the year, from $15.6 million in the same period last year.

In the third quarter of the year, CME had consolidated revenues of $201 million, up 15% on the year, and an operating income of $6.1 million.

"2008 will be another outstanding year for CME, continuing our record of delivering year-on-year revenue and earnings growth. Our initial talks with advertisers for 2009 support our view that the global economic crisis has not had a significant impact on TV advertising spending in our markets,” said Michael Garin, the chief executive officer of CME.

In Romania, CME forecasts net revenues of $279 million for 2008, up 30% from $215 million in 2007, and EBITDA of $120 million, up 20% on the year.

"We have strong businesses that are leaders in their markets and generate cash. Our ability to create local content gives us control over our capital expenditures, programming and production costs. We remain focused on our plan to deliver growth and maintain margins even in a challenging economic environment,” said Adrian Sarbu, chief operating officer of CME.

CME operates large television networks in six countries in Central and Eastern Europe, reaching a total 97 million people.

The group has TV stations in Bulgaria (TV2 and Ring TV), Croatia (Nova TV), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech Republic), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV), Slovakia (Markíza, Nova Sport and MTV), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi).

CME is listed on Nasdaq and the Prague Stock Exchange.