The company's turnover amounted to 79.84 million dollars, compared with 52.22 million dollars in the second quarter of 2007- a 53% increase. This puts PRO TV's profit margin at almost 48%.
In the first half of the year, the company's operating income amounted to 61.67 million dollars, up 63.7% against the same time last year. Turnover went up 50.5% in this period and reached 137.83 million dollars.
PRO TV is controlled by American group Central European Media Enterprises (CME), with 95% of the shares, while Adrian Sarbu holds a 5% stake. Adrian Sarbu is the owner of Media Pro, which is also the owner of ZIARUL FINANCIAR, among other media assets.
CME, which also holds TV channels in the Czech Republic, Slovenia, Croatia and Ukraine, posted an operating profit worth 133.07 million dollars in the second quarter of the year, up 53.2% against the same time last year. CME's turnover reached 305.39 million dollars, compared with 216.28 million dollars in the second quarter of 2007, up 41.2%.
Romania is CME's second largest market in terms of turnover and operating profit.
In the first half of the year, CME's operating profit amounted to 207.77 million dollars, up 63.6%, while revenues rose 45.2% and reached 528.86 million dollars.
"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 the confidence that we will achieve a similar leadership in Bulgaria over the next few years," said Michael Garin, CME's chief executive officer.
On Tuesday, CME announced the signing of an agreement to purchase two television channels in Bulgaria. The deal could be sealed in two weeks' time and amount to 172 million dollars.
At the beginning of July, CME took over the TV channels in Ukraine, which will become the leading market for the American group in the next few years. "We are extremely pleased to have completed the buyout of the 30% minority interest in Studio 1+1. We intend to be the leading broadcaster in Ukraine, with our operations generating 500 million dollars of revenue and 200 million dollars of Segment EBITDA in 2012," said Adrian Sarbu, chief operating officer of CME.
In October last year, Sarbu took over the operating management of the American group, with the first strategic expansion moves in the region being to take over the channels in Ukraine and to enter the Bulgarian market.
CME was set up over 15 years ago by American businessman Ronald Lauder. CME is listed on the NASDAQ and on the Prague Stock Exchange, with the company's value revolving around 4 billion dollars.
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