Net income climbed to $41.7 million, or 26 cents a share, from $28.1 million, or 18 cents, a year earlier under U.S. accounting rules, Moscow-based CTC Media said in a PRNewswire- FirstCall statement today. Profit beat the $36.1 million median estimate of three analysts Bloomberg News surveyed by telephone and e-mail. Sales rose 31 percent to $136.7 million.
CTC Media is benefiting from Russia's expanding advertising market. Spending on TV commercials climbed 31 percent last year to $4.6 billion, according to the Association of Communication Agencies in Russia. CTC Media's Russian ad revenue climbed 38 percent to $134.4 million.
``We are extremely satisfied with the first-quarter financial results,'' Chief Executive Officer Alexander Rodnyansky said in the statement. The growth in Russian ad revenue represents ``the best example of CTC effectively capitalizing on the growth of the Russian advertising market.''
First-quarter operating income before depreciation and amortization rose 25 percent to $55.2 million. Profit on that basis fell to 40.4 percent of sales from 42.5 percent a year earlier.
The company's CTC Network audience share for the first three months fell to 8.8 percent from 9.3 percent a year earlier.
Audience share for the company's other network, Domashny, increased to 2.3 percent from 1.9 percent.
To contact the reporter on this story: Lyubov Pronina in Moscow at email@example.com.
To contact the editor responsible for this story: Lars Klemming at firstname.lastname@example.org.