Broadcast giant CEME posts revenue boost

Revenue rises 41% to $305.4 mil in second quarter

MOSCOW -- Central European Media Enterprises posted $305.4 million in revenue for the second quarter, up 41% from the same period in 2007.

During the same period, the group's net income increased $33 million to $67.6 million. Net revenue for the first six months of 2008 increased 45% to $528.9 million and EBITDA increased 64% to $207.8 million, compared with the first half of 2007.

CEME recently increased its stake in the Ukrainian channel Studio 1+1 and purchased two channels in Bulgaria.

"The outstanding second-quarter performance demonstrates both the strength of our networks and the continuing growth of the advertising markets across all of our markets," CEME CEO Michael Garin said.