Russia's CTC sees full-year profit up 347%

2009 profit of $100 mil on revenues down 21% to $506 mil

MOSCOW -- CTC Media, Russia's leading commercial broadcast group said Friday full year net profit for 2009 soared 347% to $100 million on revenues down 21% over the period at $506 million. The figures, which were heavily impacted by fluctuations in the value of the ruble, saw fourth quarter net income up 123% at $21 million on operating revenues down 4% at $180 million.

In ruble terms total revenues were up 4% in the fourth quarter and down 1% for the full year.

CTC Media, which operates three free-to-air television networks in Russia, CTC, Domashny and DTV, as well as Channel 31 in Kazakhstan and TV companies in Uzbekistan and Moldova, said it upped its share of the Russian TV ad market from 17.5% in 2008 to 19.5%.

"We outperformed the Russian TV advertising market throughout 2009 and further increased our audience and advertising market shares," Anton Kudryashov, CTC Media's CEO, commented in a statement, adding that the company's ad revenues were 2% up year-on-year, compared with an estimated 18% decline for the entire Russian TV ad market.

Over the past year CTC has acquired eight regional stations in six Russian cities and launched the CTC international channel in North America in December 2009.