4Q pre-tax profit up 45%
LONDON – Central European Media Enterprises, which runs a stable of television stations across the region, gave an upbeat assessment of fourth quarter and full year financial figures Wednesday, although operating profits of $107 million last year were down a little on the
$115 million reported for 2009.
But year on year comparison of fourth quarter results showed a 45% increase in pre-tax profits of $64 million compared with 2009 fourth quarter figure of $44 million.
Revenue in 2010 was $737 million compared with just under $682 million the year before.
Adrian Sarbu, CME president and CEO, said the company expected to see recovery across its markets.
“In the fourth quarter our sales and OIBDA [pre-tax profits] increased as a result of the restructuring of our broadcasting business and the start of recovery in certain markets,” Sarbu said.
“2010 was our first year of operating as a fully vertically integrated media company. We now run six leading broadcast operations, an integrated content division, Media Pro Entertainment, and a rapidly growing New Media segment.”