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, 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. The loss across the first nine months of the year was reduced year-on-year, taking the total to US$153.6 million.
“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.
Fellow 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.
Mainusch told investors: “Looking ahead, we continue to focus on our highest priorities: strengthening our audience performance by controlling costs; building on our progress we gain in TV ad revenue loss last year in the Czech Republic; and diversifying our revenue streams.”
He added: “Our results, in the first nine months of this year, demonstrate the continued turnaround of the company’s operations, and we expect to maintain this momentum during the fourth quarter as we head into the next year.”
The company trades on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol ‘CETV’.