Sweden’s MTG posts 219% profit jump

Entertainment group's sales up 21%

AMSTERDAM — Sweden’s Modern Times Group has announced a 219% jump in operating profits to $149 million Swedish kronor ($14.3 million) for the first nine months of 2001. Sales were up 21% to $430 million.

MTG is active across the Nordic territories, the Baltic States, Russia and Hungary and owns a number of terrestrial TV channels, pay TV platform ViaSat, and production company Strix.

MTG CEO and prexy Hans Holger Albrecht said the upturn was down to “MTG’s balanced revenue mix, which combines a high market share of new digital pay TV package sales, continuing market out-performnce in the advertising-led operations and increasing international sales.”

The company’s highlight results were released a week early, MTG said, due to the uncertainty in the financial markets about advertising and recent profit warnings from leading media companies.

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