AMSTERDAM — Strong growth in the Scandinavian and Baltic TV markets helped push net sales of Swedish-based Nordic channel owner Modern Times Group (MTG) up 24% in the first six months of this year and brought its earnings into the black for the first time since year-end 1995.
Net sales at MTG, which spun off from the giant Kinnevik group nearly a year ago, rose from 1.456 billion Swedish kroner ($184 million) to $229 million in the first six months of 1998. Over the same time, MTG posted a profit of $8.6 million, a significant improvement on losses a year earlier of $24.4 million.
“We managed to keep costs under control as well as increase sales,” MTG president and CEO Pelle Tornberg told Daily Variety, pointing out the “bottom-line steps we have taken are reflected in the share price. It’s gone up 160% since the beginning of the year.”
MTG stock is trading at $15 per share.