MTG First Quarter Revenues Rise

STOCKHOLM, April 22: At
the Modern Times Group (MTG), first quarter revenues gained 16 percent to SEK
3.1 billion ($520.3 million), while net income jumped 26 percent to SEK 397
million ($67.9 million).

The company also reported
a 27-percent hike in EBIT to SEK 596 million ($102 million). At Viasat
Broadcasting, meanwhile, revenues gained 20 percent to SEK 2.4 billion ($410.6
million), delivering an operating income of SEK 596 million ($102 million),
reflecting a 24-percent increase.

Hans-Holger Albrecht, the president and CEO of MTG, commented: “We are
delighted to report another quarter of record results. The first quarter
results demonstrate continued healthy levels of growth across our core
broadcasting assets and increased group profitability levels, which are in line
with our five-year strategic goals. The sale of DTV illustrates the substantial
value that has been created in our emerging market asset base, whilst our
free-TV business in Scandinavia has continued to outperform the market
following penetration increases, new channel launches and our overall
multichannel ‘media house’ approach.”

He continued: “We are the
largest digital entertainment broadcaster in Scandinavia and the Baltics, and
the recent launch into Ukraine is further evidence of our desire to extend our
footprint into high-growth emerging markets. We have invested in adding new
channels to our Nordic pay platform and launching HDTV services, in order to
enhance our offering to subscribers, and the ARPU growth indicates the
potential in the business.”

—By Mansha Daswani