CTC Media posts 3Q 2008 Net Income of $20.9 million

Russian media group, CTC Media, has posted a 3Q 2008 Net Income of $20.9 million under U.S. GAAP.

The bottom line for the quarter was up 20% year on year for the same period 2007 with OIBDA for the 3 months up 72% year on year to $55 million, on the back of Revenues of $143.3 million, up 52% year on year.  The 3Q results made for a Net Income over the first 9 months of 2008 of $111 million, up 46%, with 9M 2008 OIBDA of $183.7 million, up 43% year on year, on the back of Revenues of $452.8 million, up 45%.

CTC Media attributed the results to strong growth in the Russian TV advertising market and higher advertising rates, coupled with acquisitions in Russia and Kazakhstan.  The company intends to continue its expansion, and has entered the Moldova market in October, but CEO, Anton Kudryashov, warned about the outlook, while noting the company is in a good position to respond to more difficult market conditions ahead;

“While we are very pleased with our third quarter results, we are concerned about the current unfavorable macroeconomic outlook in Russia and the potentially negative consequences that outlook may have on the advertising market. The current industry forecast for the Russian television advertising market for 2009 is likely to be updated and it is reasonable to anticipate it will be revised downwards. We believe that CTC Media is well positioned to withstand challenging market conditions and as the visibility for the next year improves we will adjust our strategy, operations and costs accordingly.”

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