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Bulgaria's bTV Media Group grows 2018 cons net profit on revenue rise

Author Mario Tanev
Bulgaria's bTV Media Group grows 2018 cons net profit on revenue rise wrangler/Shutterstock.com

SOFIA (Bulgaria), July 8 (SeeNews) - Bulgaria's bTV Media Group, part of international broadcaster Central European Media Enterprises (CME), said that its consolidated net profit rose to 19.9 million levs ($11.4 million/10.2 million euro) in 2018 from 13.3 million levs in 2017.

The broadcaster's revenue increased to 139.5 million levs last year from 134.7 million levs in 2017, the company said in an annual financial statement.

Expenses for broadcasting rights grew to 71.5 million levs in 2018 from 68.3 million levs the year before, while expenses for hired services fell to 18.6 million levs from 20.1 million levs.

Personnel costs dropped to 12.1 million levs from 13.2 million levs in 2017.

The company's assets fell to 114.7 million levs at the end of 2018 from 124.7 million levs a year earlier.

The broadcaster's portfolio includes TV channels bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring. Through its unit Radiocompany C. J, bTV Media Group also controls radio stations Classic FM, Jazz FM, N-Joy Z-Rock and bTV Radio.

Earlier this year CME, which is active in Bulgaria, Romania and Slovenia, said on Monday that it has commenced a process to explore and evaluate potential strategic alternatives, including a possible sale of part or all of the company.

 (1 euro = 1.95583 levs)

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