Central European Media Enterprises Touts "Strong Turnaround"
The TV company, in which Time Warner owns a stake of nearly 50 percent, runs 33 channels in Central and Eastern Europe
Eastern European television group Central European Media Enterprises (CME), in which Time Warner holds a stake of just under 50 percent, reported its strongest quarterly financials of the year to-date Thursday when it released improved third-quarter results.
Quarterly revenue came in at $140 million, compared with $131 million for the same period in 2013. Pretax results swung to a $2.9 million profit, compared to a $31 million loss in the same period last year. Operating losses for the period were $8.6 million, compared with losses of $43.9 million for the year-ago period.
Revenue for the first nine months of 2014 hit $496 million, compared with $437 million for the same period in 2013. Pretax profit reached $42 million, compared to a loss of $44 million for the same period in 2013. The company's stock price was nearly unchanged on Thursday.
Michael Del Nin, co-CEO of the group, said: "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."
Christoph Mainusch, co-CEO, added: "The performance of our fall schedule demonstrates the strength of our brands and content and positions us very well for the fourth quarter as we head into negotiations for advertising spending commitments from clients for 2015."
The group runs 33 channels in six eastern and central European countries, including TV Nova in the Czech Republic, Nova TV in Croatia and bTV in Bulgaria. CME's channels reach a market with a total population of over 50 million people.