A year earlier, CME booked net profit of 14.4 million dollars.

Net revenues for the three months ended March 31, 2009 decreased by 37% to 141.2 million dollars from 223.0 million dollars for the three months ended March 31, 2008. Operating income for the quarter was a loss of 84.5 million dollars down by 130 mln dollars, following the non-cash impairment charge related to Bulgaria.

Earnings before interests, taxes, depreciation and amortization fell down to 19.7 million dollars in the first three months of the year, compared to 75.3 million dollars posted for prior-year period.

"The first quarter of 2009 was the toughest in our history across all markets”, Adrian Sarbu, President and Chief Operating Officer of CME commented. “We foresaw this trend and have managed our sales and costs to limit the impact of the decline in advertising spending”.

Adrian Sarbu added that CME had remained strong and the group’s advertising share in its core markets had increased. The 241.5 million dollar investment of Time Warner in CME can be seen as a sign of confidence, “in our markets, people and strategy for the future", Sarbu continued.

In Romania, CME has under management the TV channels Pro TV, Acasa TV, Pro TV International, Pro Cinema, MTV and Sport.ro.

Source photo: Mediafax