CME’s Romanian subsidiary Pro TV posts lower revenues, higher profit in 2019

Romanian media group Pro TV, part of regional CME Group, reported a 6% decline in its business to USD 188 million in 2019, from USD 201 mln in 2018.

The lower turnover was mainly influenced by the Romanian currency’s weakening versus the dollar as the revenues at constant exchange rate (like-for-like), were 0.3% higher.

At the same time, Pro TV’s operating profit (OIBDA) increased by 2.3%, to USD 87 mln, from USD 85 mln in 2018. The like-for-like increase was 9.8%.

However, the growth rates in Romania for both turnover and operating profit were the lowest among the five markets where the group is operating, according to the CME report. The Czech Republic is CME’s biggest market, followed by Romania, Slovakia, Bulgaria and Slovenia.

The group’s total net revenues stood at USD 694 mln in 2019, down 1.3% year-on-year (up 4.5% at constant exchange rates), while the operating profit reached USD 247 mln, up 11% year-on-year (17.6% like-for-like).

The US telecommunications group AT&T reached an agreement for selling the CME group to Czech billionaire Petr Kellner last year. The sale is expected to close in 2020.

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