Romanian ProTV registers lower profits in first half of 2012

Romanian television company ProTV recorded USD 7 million in operating profits in the first half of 2012, lower than the USD 12.7 million recorded in the same period of 2011. The six-month operating profit is lower than last year's three-month one, which was USD 9.2 million. The turnover for the same period was USD 67.5 million, lower compared to the USD 81.3 million in the first half of 2011. Revenues were higher than parent company CME's in Bulgaria, but lower than in the Czech Republic. ProTV broadcasts a number of channels in Romania, including all those prefixed with 'Pro', as well as MTV Romania, Home TV and Home TV Gold. Looking at the quarterly results, although turnover was fairly even during the two quarters but the majority of the profits came in Q2 – USD 5 million of the USD 7 million for the first half of 2012. ProTV is owned by Central European Media (CME), which has a range of media interests across the region and has seen falls across the board in the first half of this year. Net revenues were down over 10 percent on the first half of 2011, from USD 422.4 million in the first half of last year to USD 378.7 for the first six months of 2012. Operating profits also registered a sharp decline, USD 15.7 million lower in the first half of this year than in 2011, from USD 76.9 million last year to USD 61.2 million in the first half of 2012. “In the second half of the year, we will continue to focus on deleveraging, maintaining our leading audience and market shares, expanding non-advertising revenues, and delivering positive free cash flow,” said CME President and CEO Adrian Sarbu. He also mentioned that the company completed transactions with shareholders by July this year to reduce debts by USD 185 million. Liam Lever, liam@romania-insider.com