Chief exec says market has reached bottom
Net revenues at Ron Lauder’s Central European Media Enterprises, a broadcaster with operations across Central and Eastern Europe, fell 33% year on year in the quarter ended Sept. 30, the company reported Tuesday.
Revenues dropped to $134.5 million in the third quarter, the fourth consecutive quarter to see a decrease.
But CEO Adrian Sarbu said the worst may be over. “We believe the markets have reached the bottom,” he said. “This is a new starting point. The macroeconomic prospects for 2010 have improved, and we expect advertising spending to follow.”
The company had a net loss of $21.6 million in the quarter compared with a loss of $19.3 million a year earlier.
Flagship station TV Nova in the Czech Republic reported operating income down $40.6 million for the quarter.
CME net revenues for the past nine months were $461.9 million, down 37% year on year.
“Our priority for 2010 is to convert our high audience and market share into higher revenues while managing costs rigorously,” Sarbu added.