Central European Media Enterprises (CME) reported an upturn in revenues and operating income in Q3, the company’s strongest quarter of the year so far.
Announcing its third quarter results, CME reported net revenues of US$140.1 million (€111 million), up 7% compared to last year, while operating income before depreciation and amortisation was US$2.9 million compared to a loss of US$31.6 million in 2013.
However, the firm made a net loss of US$52.5 million in the quarter, compared to a loss of US$23.3 million in the same period last year.
“This quarter’s financial results continue to reflect the strong turnaround in our operations. In fact, as a whole, this is our most impressive quarter so far this year,” said CME’s co-CEO, Michael Del Nin.
Co-CEO Christoph Mainusch added: “The performance of our fall schedule demonstrates the strength of our brands and content, and positions us very well for the fourth quarter and as we head into negotiations for advertising spending commitments from clients for 2015.”
CME broadcasts 33 television channels in six Central and Eastern European markets – Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia.
The company trades on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol ‘CETV’.
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