CME Releases Q2 Results

HAMILTON: In the second quarter, Central European Media Enterprises (CME) recorded revenues of $186.2 million, a decrease of 38.9 percent as compared with the same period in 2008, while net income plunged 62 percent to $24.1 million.

"Advertising markets have reset to a level around that of 2007," said president and CEO Adrian Sarbu. "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."

For the first half of the year, revenues fell 38 percent to $327.4 million, and there was a loss of $20.4 million, as compared with the year-ago profit of $77.9 million.