Russia's CTC Media sees Q3 profit surge

But warns of possible future advertising downturn

MOSCOW -- Consolidated revenues of CTC Media, Russia's leading independent media company, increased by 52% to $143.3 million in the third quarter of 2008 and by 46% to $452.8 million in the first nine months of this year, year on year, the company announced Thursday.

OIBDA increased by 72% to $55 million in the third quarter and by 44% to $183.7 million in the first nine months, while net income increased by 20.5% to $21 million and by 46% to $111.5 million, respectively. During the nine-month period, fully diluted earnings per share increased by 45.8% to $0.7.

“While we are very pleased with our third quarter results, we are concerned about the current unfavorable macroeconomic outlook in Russia and the potentially negative consequences that outlook may have on the advertising market,” Anton Kudryashov, CTC Media’s CEO said in a statement. “We believe that CTC Media is well positioned to withstand challenging market conditions and as the visibility for the next year improves we will adjust our strategy, operations and costs accordingly.”