CTC reports fall in profits

Leading Russian broadcaster CTC Media reported a 38% fall in profits in the second quarter of the year as a result of a poor advertising market. The broadcaster saw profits fall to US$30m (€21m) from US$48.8m a year earlier and revenue fell to US$113.9m from US$172.8m.

However, the broadcaster’s main channel did increase its viewing share in the last three months from 11.4% to 12.5%. Chief executive Anton Kudryashov also remained bullish. “We expect to continue to outperform the Russian television advertising market in the second half of 2009,” he said.