MTG shares rise on bullish results

Net revenue climbs 13% in third quarter

STOCKHOLM — Shares in Scandi TV giant Modern Times Group rose 8.4% to SEK 206 ($27.80) Tuesday, after it released bullish figures for the third quarter.

Net revenue at the company, which owns 50 channels in 24 countries, was up 13% to SEK 2,960 million ($400 million), compared with SEK 2,612 million ($353 million) last year.

Revenue for the first nine months was up 15% to SEK 9.32 billion ($1.26 billion) on the same period last year, when it was SEK 8.083 billion ($1.09 billion).

Net income for the third quarter was up 39% to SEK 405 million ($55 million), up from SEK 292 million ($39.4 million) last year.

For the first nine months, net income was SEK 2.4 billion ($324 million), up 147% on last year, when it was SEK 970 million ($131 million).

“The slump in the economy should not affect us too much,” MTG CEO-prexy Hans-Holger Albrecht told Variety. “It will have little impact on pay TV. People want to be entertained, even in bad times.

As for future acquisitions, where MTG has been very active in the past couple of years, Albrecht said, “You have to be cautious and clever when you think about how you are going to spend your money.

“There are no big new acquisitions coming up. We want the ones we have to grow,” he said. “Right now we don’t need any more acquisitions.”