August 7, 2009

Russia’s TV group reports revenues off

Russia's top independent television group reported a loss in revenues by more than a third in the second quarter of 2009, even though viewership was up.

CTC Media said its total revenue was off 34 percent to $113.9 million -- but was off about 10 percent when measured in rubles, Russia's currency, Variety reported Friday.

Company officials said it trimmed operating expenses by about 32 percent over the same period a year ago to about $70.1 million.

Anton Kudryashov, CTC Media chief executive officer, said the company outperformed its competitors, despite the tough economic times.

Our Russian advertising revenues, which account for over 90 percent of total revenues, were down 12 percent year-on-year in ruble terms in the second quarter, Kudryashov said, compared to an estimated 21 percent decline in the overall Russian television advertising market.