Russian broadcaster CTC Media saw an increase in advertising revenues over the last three months, but saw net profit fall as a result of higher programming costs.
The Modern Times Group-backed network saw revenues rise 15% to US$130.5m (99m) in its second quarter financial results, although net profit dropped 31% to US$20.9m.
“The level of growth in the Russian TV advertising market has accelerated in the second quarter, and we have captured this growth with a fully sold-out position and eight per cent year-on-year Russian advertising sales growth in ruble terms,” chief executive Anton Kudryashov said.
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19 October 2020 @ 12:30:00 UTC