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Russia's CTC Media net profit dives 44.1 pct in Q1

Thu May 7, 2009 4:59am EDT

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MOSCOW, May 7 (Reuters) - Russian media firm CTC Media (CTCM.O) fell 44.1 percent in the first quarter of 2009 to $23.3 million, while revenues were down 23 percent to $104.8 million, the company said in its financial results.

"(Revenues) reflected the deterioration of advertising markets, as well as the substantial weakening of our operating currencies against the U.S. dollar reporting currency," Chief Executive Officer Anton Kudryashov said in a statement. (Reporting by Simon Shuster, editing by Gleb Bryanski)



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