Pro TV broadcaster, member of Central European Media Enterprises (CME) said its 2009 revenues dropped from $274.6 million in 2008 to $ 176.5 million.
EBITDA (earnings before interests, tax, depreciation and amortization stood at $38.5 million, 65% down from a year earlier. Pro TV company operates six television stations PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania.
CME group recorded net revenues of $713 million for 2009, 30% below year-ago level. The group headed by Adrian Sarbu booked an operating profit of $74.9 million, versus $296.9 million in 2008.
“An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. $ 800 million of TV ad spend vanished in one year, dramatically reducing our revenues”, said Adrian Sarbu (photo), chairman and CEO of CME.
This year, Adrian Sarbu said the company will make the “necessary corrections” to yield positive EBITDA across the board. “This year we will focus our energy on increasing profitability across our three new divisions – broadcasting, internet and content”, he added.
CME operates television stations in seven countries in Central and Eastern Europe with an aggregate population of approximately 97 million people.
The group operates TV stations in Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Galaxie Sport), Romania (Pro TV, Pro TV International, Acasa TV, Pro Cinema, Sport.ro, MTV Romania), Slovakia (TV Markíza, Galaxie Sport), Slovenia (Pop TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi).
CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker "CETV".
