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UPDATE 1-CTC Media posts loss on one-off charges
November 7, 2012 / 10:47 AM / in 5 years

UPDATE 1-CTC Media posts loss on one-off charges

* Q3 net loss $38.5 mln vs $16.4 mln profit in Q3 ‘11

* Adjusted net income down 8 pct yr/yr to $27.5 mln

* Revenues rise 2 pct to $162 mln

* Confirms FY underlying profitability guidance

MOSCOW, Nov 7 (Reuters) - Russian broadcaster CTC Media reported a $38.5 million net loss for the third quarter compared to a year-ago profit of $16.4 million, hit by one-off impairment charges.

Russia’s biggest non-state controlled broadcaster said net profit, adjusted for the one-off charges related to the planned shift from analog to digital broadcasting, totalled $27.5 million, or $0.17 per share, against $29.9 million and $0.19 respectively in the third quarter of 2011.

Revenue rose 2 percent to $162 million to be up 12 percent in rouble terms, driven by an 11 percent rise in the group’s Russian advertising sales, it said.

“Our underlying profitability remains strong. We continue to expect OIBDA margin at or around 30 percent for the full year,” Boris Podolsky, the chief executive officer of CTC Media, said in a statement.

CTC said its new shows, such as sitcom ‘Kitchen’ launched recently to help reverse declines in its audience share, proved to be successful.

CTC also reported an operating loss before depreciation and amortisation of $39.1 million, while adjusted OIBDA (operating income before depreciation and amortisation) fell 10 percent to $43.4 million for a 26.8 percent margin.

CTC is part-owned by Sweden’s Modern Times Group, and private media company National Media Group, after its subsidiary Telcrest Investments bought out Russian billionaire Mikhail Fridman’s Alfa Group last year.

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