CME, owner of ProTV, sees revenues down, but still makes USD 19.5 mln profit after nine months

Central European Media Enterprises, which owns several TV stations in Romania, posted USD 109 million in net revenues on the broadcast segment in the first nine months of the year, down USD 10.9 million on the same period of last year. The third quarter of the year meant net revenues of USD 29 million for the company in Romania, down USD 6.8 million on the third quarter of 2009. Despite the drop in net revenues, the operations remained profitable, although with a lower profit. CME posted an OIBDA (Operating Income Before depreciation and Amortization) of USD 19.5 million, down on USD 38.8 million during the same period of last year. “Our strategy to reposition CME as a vertically integrated media company is working. 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 - 115 million,” said Adrian Sarbu, President and Chief Executive Officer of CME (in picture). Croatia and Bulgaria are the only countries where CME posted revenue increases both on the third quarter and during the first nine months. The Slovenian operations performed similarly during the first nine months of the year compared to the same period last year. The group’s Media Pro Entertainment division, bought by CME in 2009 from founder Adrian Sarbu- who is now the CEO of CME – posted net revenues of USD 92.8 million in the first nine months, up USD 33 million compared to the same period a year ago. The division continued to post an loss of USD 4 million for the first nine months of the year. CME owns several TV stations in Romania: PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania, as well as Media Pro Entertainment. editor@romania-insider.com