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CME turnaround ‘well underway’

The co-chief executive officer of Central European Media Enterprises (CME), Michael Del Nin, said that the firm’s “turnaround is well underway” after reporting an increase in revenues and profits.

Announcing its second quarter and half year results, CME said that net revenues for Q2 were US$204.9 million compared to US$175.6 million for the same period last year.

Operating income for the three months ending June 30, 2014 was US$22.6 million compared to an operating loss of US$4.6 million in 2013.

Christoph Mainusch, CME’s co-CEO said: “We reduced content costs while maintaining our audience share leadership, despite competition from the FIFA World Cup. This is proof of the strength of our content.”

Del Nin, added: “Our results demonstrate the continuing significant improvement in the company’s financial position, and provide further evidence that our turnaround is well underway.”