Q2 Revenues Up at CME

PRAGUE: Revenues at Central European Media Enterprises (CME) were up 10.3 percent to $201.7 million for the second quarter.

OIBDA for the quarter was relatively flat, increasing 1 percent to $46.2 million. Operating income was down 12 percent, from $3.3 million to $25.5 million. Net income attributable to the shareholders of CME for the quarter increased $141.1 million to $165.2 million, which included a gain of $217.6 million on the disposal of CME’s former Ukraine operations.

Adrian Sarbu, the president and CEO of CME, commented: “Our results in Q2 2010 are stronger than in Q2 2009. Revenues on a constant currency basis increased by 15 percent and OIBDA by 6 percent, despite a 4-percent decline in TV ad spending. The decisive actions we took in last four quarters to reposition our business, including the sale of our Ukrainian operations, acquisition of bTV in Bulgaria and integration of Media Pro Entertainment, have paid off. The first half of the year was difficult with only Czech Republic and Slovenia starting to recover. The second half will be challenging but our continuing audience leadership uniquely positions us to take advantage of any improvements in our markets.”