Russia's Top Commercial Network Operator Returns to Profit in Third Quarter
Russia's leading commercial TV network operator CTC Media on Thursday said that its third-quarter earnings suggested the advertising market was bouncing back after a slow start to the year.
The Nasdaq-listed company, which runs niche daytime and evening channels alongside its flagship entertainment outlet CTC, reported a pre-tax profit of $52 million on revenue of $171 million for the third quarter. That compared favorably with the same period last year when CTC had reported a $39 million loss on revenue of $162 million.
Comparisons for the first nine months of the year were more modest as pre-tax profit was up $8 million to $160 million on revenue of $572 million, compared with $540 million for the same period last year.
Yuliana Slashcehva, who replaced Boris Podolsky as general director of CTC Media in August, said the swing to a profit corresponded with "the dynamic growth of the Russian television advertising market" in the third quarter.
CTC is the country’s third-largest TV network with an audience share of 11 percent. Apart from its flagship channel, it runs niche networks Domashny and Perets, as well as outlets in Kazakhstan and Moldova.
Last week, CTC was listed as Russia's most highly valued media brand by international ratings agency Interbrand.