CME 1H Revenues Down 38%, To $327.4M

In the first half of 2008, CME posted net revenues of $527.83 million and a net profit of $81.19 million.

The company also registered an operating loss of $72.8 million in Jan-June 2009 versus an operating profit of $144.21 million in Jan-June 2008.

In the second quarter, CME’s net revenues decreased 38.9% compared to the second quarter in 2008, to $186.2 million from $304.8 million. The company’s second quarter net profit decreased to $22.1 million from $64.76 million posted in the second quarter last year.

CME’s second quarter operating profit decreased to $11.7 million from $98.74 million in the same period in 2008.

"Advertising markets have reset to a level around that of 2006. This has been a painful process for us and our shareholders. The strength of our brands and businesses has been demonstrated throughout this crisis by our improved audience share and market share in all our core operations. We are now looking forward to recovery," said Adrian Sarbu, president and CEO of CME.

The company’s EBITDA (earnings before interest, tax, depreciation and amortization) stood at $45.13 million in the first half, down 76% from $185.56 million in the first half of 2008.

CME’s second quarter EBITDA stood at $29.66 million, down 75% from $120.09 million in the second quarter of 2008.

On the Romanian market, CME posted net revenues of $84.53 million in the first half, down 38.6% from the $137.83 million posted in the first half of 2008. The company’s EBITDA in Romania decreased in the first half to $22.55 million from $61.66 million in the same period a year earlier.

CME’s second quarter net revenues in Romania stood at $48.84 million, down 38.8% from the $79.84 million posted in the second quarter of 2008. The company’s second quarter EBITDA in Romania stood at $15.41 million, down from $38.29 million in the same period last year.

CME operates television networks in six countries in Central and Eastern Europe, reaching 97 million viewers. The company has stations in Bulgaria (TV2 and Ring TV) Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV), Slovakia (Markíza, Nova Sport), Slovenia (POP TV, Kanal A) and Ucraina (Studio 1+1, Studio 1+1 International, Kino).

CME is listed on Nasdaq and the Prague Stock Exchange under the ticker symbol "CETV”.