CME Posts Q3 Results

HAMILTON: Revenues at Central European Media Enterprises fell by 33 percent to $134.5 million, with a wider net loss attributable to the company of $21.55 million, up from the year-ago period’s $19.3 million.

"This is the fourth quarter of decline in our advertising markets," said Adrian Sarbu, the company’s president and CEO. "TV ad spending reset 30 percent lower than in 2008. We believe the markets have reached the bottom. This is a new starting point. The macro-economic prospects for 2010 have improved and we expect advertising spending to follow. Our priority for 2010 is to convert our high audience and market share into higher revenues while managing costs rigorously. We believe in our ability to outperform the markets."

For the nine months ended September 30, 2009, CME recorded revenues of $461.9 million, a 37-percent decrease, with a net loss of $41.9 million, as compared with a profit this time last year of $58.6 million.