PRAGUE — Judging by the results posted Wednesday by Central European Media Enterprises, the broadcasting group has yet to feel the full force of the economic storm.
Net revenue for the first three quarters of this year at the web, whose empire stretches across seven countries in Central and Eastern Europe, were up 35% to $729.9 million year on year.
Net income rose 335% to $67.7 million for the year to Sept. 30, from $15.6 million for the same period last year.
Net revenue for the third quarter increased 15% to $201 million on higher advertising sales.
The web reported a third-quarter net loss of $14.8 million, $4 million less than last year, a 21% improvement.
Execs at the Ron Lauder-owned web, which reaches nearly 100 million viewers, remain bullish.
Chief operating officer Adrian Sarbu said, “Our ability to create local content gives us control over our capital expenditures, programming and production costs.
“We remain focused on our plan to deliver growth and maintain margins even in a challenging economic environment.”
Chief exec Michael Garin said, “Our initial talks with advertisers for 2009 support our view that the global economic crisis has not had a significant impact on TV advertising spending in our markets.”