Central European Media Enterprises (CME) announced its financial results for the three and nine months ended September 30, 2012, with net revenues for Q3 reaching $ 140.1M for Q3 and $518.7M for the first 9 months.
For Q3, net revenues were of $140.1M, down from $165.5M in the same period in 2011, while net revenues for the first 9 months were $518.7M, down from $587.9 million for the same period in 2011.
Our third quarter results and the prospects for the full year 2012 indicate that our markets are not recovering. In the second half of 2012 advertising spending has not matched our expectations. We were successful in addressing our capital structure and debt maturities but we were unable to achieve our sales and free cash flow targets. Our OIBDA guidance for 2012 is between US$130 – 140 million. Facing new challenges, we focus on maintaining our leading positions while aggressively managing our costs and improving free cash flow generation and liquidity.
CME’s President & CEO
In Romania, Pro TV, the company that owns Pro TV, Pro Cinema, MTV, Pro TV International, Sport.ro, Pro FM, Acasa and Acasă Gold, posted, for the first nine months, revenues of $92M, down from $112.4M in the same period in 2011
CME posted lower revenues for all markets is present in, with the biggest decline registered on Czech market, where it has the most powerful operations.