CTC Media Second-Quarter Profit Falls 10 Percent; Revenue Rises
Net income slipped to $30.7 million from $34.1 million in the same period a year earlier, the Moscow-based company said in an e-mailed statement today. That was lower than the $37.5 million median estimate of four analysts Bloomberg News surveyed by telephone and e-mail. Sales rose 9.1 percent to $112 million.
``In the second quarter we faced difficult comparisons from the year ago period in which revenue increased 83 percent,'' Chief Executive Officer Alexander Rodnyansky said in the statement. Growth in the year-earlier period was driven by the company's Born Not Pretty show and by a surge in advertisements ahead of new ad regulations introduced last July, he added.
The company's second-quarter operating income before depreciation and amortization, or Oibda, fell 5.5 percent to $51.4 million. Oibda as a percentage of sales, a profitability measure tracked by analysts, fell to 46 percent from 53 percent a year earlier.
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