CME Narrows Quarterly Loss

HAMILTON: With improved revenues of $257.4 million, Central European Media Enterprises (CME) narrowed its fourth-quarter loss from $55.3 million to $26.1 million.

For the full year, meanwhile, revenues were up 8.1 percent $737.1 million, with a profit of $100.2 million, as compared with the year-ago loss of $97.2 million.

Announcing the results, Adrian Sarbu, the president and CEO of CME, said, “In the fourth quarter our sales and OIBDA increased as a result of the restructuring of our broadcasting business and the start of recovery in certain markets. 2010 was our first year of operating as a fully vertically integrated media company. We now run six leading broadcast operations, an integrated content division, Media Pro Entertainment, and a rapidly growing New Media segment. In 2011 we expect all our markets to recover. Our priority is to deliver growth in revenues, OIBDA and free cash flow.”