Central European Media Enterprises reported increased revenues for the 3rd quarter of the year and for the first 9 months of 2011. CME posted net revenues of $165.5M in Q3 and net revenues of $587.9M in the 1st nine months of the year, according to a press release on company’s website.
Net revenues for the third quarter of 2011 increased US$ 31.1 million compared to the third quarter of 2010. On the other hand, operating loss for the quarter improved by US$ 12.4 million to US$ (12.9) million. Net loss from continuing operations for the quarter was US$ (82.2) million compared to a profit of US$ 3.4 million for the third quarter of 2010.
Net revenues for the nine months ended September 30, 2011 increased US$ 108.2 million compared to the nine months of 2010. Operating income for the nine months improved by US$ 37.9 million to US$ 18.9 million. Net loss from continuing operations for the nine months was US$ (102.4) million compared to US$ (91.5) million for the nine months of 2010.
In the first nine months of 2011 we doubled our OIBDA from US$ 43 million to US$ 86 million when our TV ad markets showed mixed recovery. We now expect to generate revenues of approximately US$ 850 million and OIBDA of US$ 166 million for the full year. Audience leadership and cash flow generation remain our main priorities.
President and CEO CME
CME is a vertically integrated media and entertainment company operating a leading broadcast, content and new media business in Central and Eastern Europe. CME’s television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action and Ring.bg), Croatia (Nova TV, Doma and Nova World), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro, MTV Romania and PRO TV Chisinau,), the Slovak Republic (TV Markíza and Doma) and Slovenia (POP TV, Kanal A and the POP NON STOP subscription bouquet). CME’s broadcast operations are supported by its content and distribution division, Media Pro Entertainment, as well as its New Media division, which operates Voyo, the pan-regional video-on-demand service.