Russian broadcaster CTC Media has reported total operating revenues down 23% year on year to US$105m (79m), while net profit fell 44.1% in the first quarter to US$23.3m.
CTC Media, which is 40%-owned by Modern Times Group, said the results Âreflected the deterioration of the advertising markets despite each of its networks increasing its advertising market shares year-on-year in the first quarter. ItÂs flagship channel, CTC, maintained its target audience share and its position as the fourth most-watched free-to-air channel in Russia.
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