Central European Media Enterprises (CME) said its first-quarter net revenues rose 5% year-on-year, to $143.6 million. However, EBITDA slumped 97%top $800,000.
The broadcaster’s net loss cut its loss by $2 million to $42.3 million. The first-quarter results include Media Pro Entertainment business bought by CME from Adrian Sarbu in December 2009.
CME’s operations in Romania (Pro TV SA that includes TV channels Pro TV, Acasa, Pro Cinema, Sport.ro, MTV and Pro TV International) generated revenues of $36.5 million in the first quarter, up $1 million from a year earlier. EBITDA (earnings before interest, tax, depreciation and amortization) dropped 54% to $4.5 million.
"The recent completion of the Ukraine and Bulgaria transactions has consolidated our leaderships across all our six home markets. We have rebuilt CME as a vertically integrated media and entertainment company to better face the challenges in our industry”, said Adrian Sarbu, President and Chief Executive Officer of CME.
Demand for TV advertising, Sarbu added, continued to decline in the first quarter although at a slower pace. “Central and Eastern Europe will gradually emerge from the crisis during the first half of 2010 and in the second half the demand for TV advertising is expected to show single digit growth”.
Media Pro Entertainment had the best performance in Jan-Mar period, after doubling its revenues to $28 million. Media Pro’s EBITDA turned negative in the first quarter, and stood at $2 million, down 42% from a year earlier.
CME operates broadcasting, internet and TV content businesses in six Central and Eastern European countries. CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".
