MTG Revenues Up 7 Percent

STOCKHOLM: Modern Times Group’s revenues rose 7 percent in the third quarter to SEK 3.2 billion ($468.3 million), delivering a net profit of SEK 254 million ($37.2 million).

Commenting on the results, Hans-Holger Albrecht, the president and CEO of MTG, said: “We have delivered continued sales growth and a group operating margin of 12 percent in the seasonally smallest advertising sales quarter of the year, and despite the global economic recession. This clearly demonstrates the benefit of operating an integrated free and pay-TV broadcasting group, as well as the ongoing impact of our consistent group-wide cost control. As the challenger in most of our markets, we have also continued to benefit from the structural tailwind of digitalising TV markets, which has increased the penetration and pricing potential for our channels. Furthermore, our healthy financial position and cash flows have enabled us to invest selectively to capitalise on these changes by further enhancing our viewing shares and channel offerings. This has resulted in higher market shares in almost all of our markets and even stronger competitive positions from which to develop the group moving forward.”