PRAGUE (Bloomberg) — Bermuda-based Central European Media Enterprises Ltd., the east European broadcaster that sold a stake to Time Warner Inc., said second-quarter profit rose almost sevenfold as revenue advanced following an asset sale.

Net income for the three months ended June 30 was $165.2 million, or $2.59 a share, compared with $24.1 million in the year-ago period, the company said last week. That trailed a median estimate of $219.2 million by five analysts in a Bloomberg survey.

The broadcaster, also known as CME, said in June that spending on television advertising in its markets continued to fall in the second quarter. It agreed to sell its Ukrainian units in January and completed the acquisition of Bulgarian channel bTV from News Corp. in April.

"The decisive actions we took in the last four quarters to reposition our business, including the sale of our Ukrainian operations, the acquisition of bTV in Bulgaria and integration of Media Pro Entertainment, have paid off," CME chief executive officer Adrian Sarbu said in the statement.

Net income during the quarter was helped by a gain of $217.6 million from the sale of the Ukrainian operations. Revenue rose to $201.7 million from $182.9 million. Operating income before depreciation and amortisation rose one percent to $46.19 million.

CME operates TV channels in Czech Republic, Romania, Croatia, Slovenia, Slovakia and Bulgaria.

"The first half of the year was difficult, with only the Czech Republic and Slovenia starting to recover," Sarbu said. "The second half will be challenging, but our continuing audience leadership uniquely positions us to take advantage of any improvements in our markets."