MTG Releases Positive Q3 Results

STOCKHOLM, October 21: Net
revenues at the Modern Times Group (MTG) gained 13 percent to SEK 3 billion
($386 million), with net profit up 39 percent to SEK 405 million ($52.8
million) and basic earnings per share gaining 38 percent to SEK 6.07 ($0.80).

Announcing the results, Hans-Holger Albrecht, the president and CEO of MTG, commented: “We have
delivered another quarter of record results with strong double-digit organic
sales growth, healthy margins and continued investment in existing and new
businesses. Our multichannel media house strategy has generated considerable
momentum in the developed and highly competitive Nordic markets, with
increasing penetration levels, further viewing and market-share gains, and the
continued development of our channel portfolio. Our channels are now more
broadly available than ever and we have added even more content and services to
our DTH pay-TV platform. The results demonstrate the potential of our strategy,
which we are also applying in our emerging market operations. The addition of
Nova in Bulgaria is in line with the strategy to invest in well-placed assets
in high-growth emerging territories, and the integration with our existing
Bulgarian business will create a scale and well-differentiated market
position.”

He concluded: “We remain
on track to deliver the five year strategic objectives set in 2007, and retain
the financial flexibility after the Nova acquisition to continue to invest in
the expansion of our businesses and enhance shareholder returns moving
forward.”

—By Mansha Daswani