CME’s net revenues for the first half of 2008 year amounted to $528.9 million, - by MediaBusiness

Net revenues of Central European Media Enterprises Ltd. (CME) for the first half of 2008 increased to $528.9 million from $364.2 million in the first half of 2007. It was reported by the 1+1’s largest shareholder, Central European Media Enterprises Ltd. (CME).

Net revenues for the six months ended June 30, 2008 increased 45% to $528.9 million, compared to the first half of 2007. Operating income for the first half increased $62.8 million to $142.7 million. Net income increased $48.2 million to $82.5 million, and fully diluted earnings per share increased $1.10 to $1.93.  Segment EBITDA for the six months ended June 30, 2008 increased 64% to $207.8 million, compared to the first half of 2007.

Michael Garin, CME's Chief Executive Officer, commented: "The outstanding second quarter performance demonstrates both the strength of our networks and the continuing growth of the advertising markets across all of our markets. Our second quarter 44% Segment EBITDA margin driven by Czech and Romanian results is ahead of even our own expectations. We are delighted to report the first quarter of positive EBITDA in Croatia. Our Croatian success gives us confidence that we will achieve a similar leadership in Bulgaria in the next few years."

“Studio 1+1” TV channel is the nationwide Ukrainian-language TV channel. In 2007 year, its audience aged 18 years and over amounted to 16.03%. The TV channel covers about 95% of the Ukrainian territory. It was launched in September 1995. In July 2004, “Studio 1+1” started broadcasting on a 24-hour basis. In July 2006, the National Council on Television and Radio Broadcasting of Ukraine extended the channel’s broadcasting license by 10 years. 90% of the company belongs to Central Media Enterprises Ltd. Oleksandr Rodnyansky and Borys Fuksman (Inter Media) own the other 10%. In the first half of 2007 year, the company’s net revenue was $40.78 million, its EBITDA was minus $1.8 million.        

Central European Media Enterprises Ltd. (CME) (NASDAQ/Prague Stock Exchange: CETV) manages such TV companies: Nova TV (Croatia),  TV Nova and Galaxie Sport (Czech Republic), PRO TV, PRO TV International, Acasa, PRO Cinema and  Sport.ro (Romania), Markiza and Galaxie Sport (Slovakia), POP TV and  Kanal A (Slovenia), “Studio 1+1”, “Studio 1+1 International”, Kino and Siti (Ukraine). 15% of CME’s B shares belong to Ronald Lauder, the founder of the company.