February 6 (SeeNews) - Central European Media Enterprises (CME) grew the operating income before depreciation and amortization (OIBDA) from its business in Slovenia to $22.5 million (19.7 million euro) in 2018, up 57.9% year-on-year at actual rates, it said on Wednesday.
Net revenues from operations in Slovenia rose to $79.6 million in 2018, up by an annual 15.9%, the international broadcaster said in a report on its financial results for the full year and three months ended December 31, 2018.
CME operates five television channels in Slovenia - POP TV, Kanal A, Brio, Oto and Kino.
CME's total OIBDA which includes operations in Bulgaria, the Czech Republic, Romania, the Slovak Republic and Slovenia, rose by 23.9% year-on-year to $222.7 million in 2018. Total net revenues increased by 9.5% to $703.9 million, while operating income increased 27% to $177.6 million.
In January, CME said it has terminated the agreement for the sale of its operations in Slovenia announced in July 2017 and will instead retain its operations in the country.
“Since we announced our intention to sell our Slovenian business 18 months ago in order to accelerate deleveraging, we have repaid approximately 370 million dollars (325 million euro) in loans, reducing our gross debt by about 30%, and cut our average borrowing cost by more than half to 3.5%,” CME’s co-chief executive officer, Michael Del Nin, said at the time.
($ = 0.87554 euro)