CME turns profit for third quarter
PRAGUE (Bloomberg) — Central European Media Enterprises Ltd., owner of the most popular Czech TV station and networks in five other eastern European countries, unexpectedly reported a third-quarter profit because of earnings from Slovakia.Net income was $3.9 million compared with a loss of $9.7 million a year earlier, the Hamilton, Bermuda-based company said yesterday in an e-mailed statement. The median of five analysts surveyed by Bloomberg was for a loss of $490,000. Revenue rose 29 percent to $112.5 million from $87.1 million.
Czech TV Nova accounts for a third of the revenue of Central European Media Enterprises, which is majority owned by cosmetics heir Ronald Lauder.
The company also owns TV networks in Romania, Croatia, Slovakia, Slovenia and Ukraine and reaches an aggregate of 82 million viewers across the region.
Earnings before interest, tax, depreciation and amortisation rose 34 percent to $26 million from $19.4 million a year ago. The earnings are based on US accounting standards.
