Russia’s CTC sees 1Q growth

Strong performance reflects TV sector recovery

LONDON — Russia’s leading commercial broadcaster CTC reported healthy first-quarter financial earnings, underpinning the recovery of the country’s TV sector.

Total revenues were up 16% in local currency terms year on year to $165 million and advertising earnings rose 20%, although dollar-denominated profits were up just 1% to under $40 million, reflecting exchange rate fluctuations.

Advertising inventory for the first quarter of this year was 99% sold out and 85% of inventory is already sold for the rest of the year, the company said.

CEO Anton Kudryashov said, “We continued to benefit from the growth in the Russian TV advertising market and rising prices during the first quarter, especially in the regions.”