Profit for CME

HAMILTON: With revenues up 4.8 percent to $134.4 million, Central European Media Enterprises (CME) posted a third-quarter net profit of $3.4 million, as compared with a year-ago loss of $21.5 million.

“Our strategy to reposition CME as a vertically integrated media company is working," said Adrian Sarbu, CME’s president and CEO. "Our results today are stronger than a year ago. The recent refinancing has improved our liquidity position and we have started to repurchase debt opportunistically. The audience leadership and high operating leverage which we built, together with our strong liquidity, will enable us to further reduce gross debt and interest cost as our markets are expected to improve next year. With recovery continuing in the Czech Republic, Slovenia and Croatia in Q4, we are on track to deliver full year OIBDA guidance of $100 million to 115 million.”

Broadcast revenues were $123.5 million, a 1.9-percent fall, while Media Pro Entertainment contributed $26.5 million, a 42.7-percent gain. New media revenues fell 8.4 percent to $2.1 million.