Central European Media Enterprises (CME) reported net revenues of USD 316.9m for H1 2017 at constant exchange rate, up 7% y/y. Revenues from TV advertising grew 4%, reflecting the demand for TV advertising in Romania and higher spending on TV advertising in the Czech Republic and Slovakia.
Operating income increased 25% at constant rates to USD 63.1m, while OIBDA soared 20% to SUD 83.3m. In the Czech Republic alone, CME reported net revenues of USD 92.84m, up 3.7% y/y. OIBDA in the Czech Republic grew 10.1% to USD 36.51m.
One of CME’s two general directors, Michael Del Nin, has added that the completion of the sale of fuelling stations in Croatia and Slovenia will enable the group to take full advantage of the automatic reductions in borrowing costs. CME should thus be able to pivot from intense focus on debt reduction by 2019.
