CME, headed by Adrian Sarbu and owner of Romanian TV station Pro TV, announced the financial results for the 2nd quarter and 1st half of 2010, posting revenues of $201,7M in 2nd quarter and of $345,4M in the 1st half, according to a press release published on company’s website.
The net revenues for the 2nd quarter increased $18.8M compared to the second quarter of 2009. Operating income for the same period decreased $3.3 million to $25.5 million, while net income attributable to the shareholders of CME for the quarter increased $141.1 million to $165.2 million, which included a gain of $217.6 million on the disposal of our former Ukraine operations. Results for the second quarter of 2010 include the Media Pro Entertainment businesses acquired by CME in December 2009.
Net revenues for the six months ended June 30, 2010 increased $26.1 million to $345.4 million, compared to the first half of 2009. Operating income for the first half increased $48.8 million to $6.3 million. Net income attributable to the shareholders of CME for the first half increased $143.2 million to $122.9 million, and fully diluted income per share increased by $2.35 to $1.92.
“Our results in Q2 2010 are stronger than in Q2 2009. Revenues on a constant currency basis increased by 15% and OIBDA by 6%, despite a 4% decline in TV ad spending. The decisive actions we took in last four quarters to reposition our business, including the sale of our Ukrainian operations, acquisition of bTV in Bulgaria and integration of Media Pro Entertainment, have paid off. The first half of the year was difficult with only Czech Republic and Slovenia starting to recover. The second half will be challenging but our continuing audience leadership uniquely positions us to take advantage of any improvements in our markets”, Adrian Sarbu, President and Chief Executive Officer of CME, commented.
Since it is in CME, Media Pro Entertainment generated, in the 1st quarter, net revenues of $32.42M, while, for the first half of the year, the amount was of $66.35M.