AMSTERDAM — Scandinavian channel launcher Modern Times Group (MTG) posted a 33% surge in net sales in the first quarter and hacked its net losses down to 3 million Swedish kroner ($358,000) from $7.8 million a year ago.
MTG, which has both pay and free TV channels spread across the Nordic and Baltic territories, pushed net sales up to $130.9 million from $98.4 million in the first quarter last year.
The rise was attributed to increases in business across the board, but particularly at its TV3 chain of channels, where strong sales in Scandinavia triggered an increase in revs of 30%. Despite fallout from the Russian ruble crisis, TV3’s share of the TV ad pie in all three Baltic states also increased.
Sales at MTG’s subscriber management services firm Viasat also rose to $30.9 million from $18.4 million a year ago, the result of a year-to-year jump from 160,000 to 244,000 in subscribers for its analog platform.