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SOFIA (Bulgaria), February 8 (SeeNews) - International broadcaster Central European Media Enterprises (CME), which has operations in Southeast Europe, said on Thursday it has swung to a consolidated net profit of $49.8 million (40.6 million euro) in 2017, compared to a net loss of $180.3 million in the prior-year period.
The company’s net revenues increased to $574.2 million last year, from $526.2 million in 2016, CME said in its annual consolidated financial statement.
Operating income rose to $129.9 million in 2017, from $105.5 million in 2016.
"In 2018, we anticipate using increased cash generated by the business, proceeds from the sale of our operations in Croatia and Slovenia, expected proceeds from warrant exercises, and savings from lower debt service obligations to repay a significant balance of principal on our outstanding long-term debt," the company said in the statement.
In July, US investment firm KKR said that together with multi-play operator United Group, and the European Bank for Reconstruction and Development, it had agreed to acquire the Croatian and Slovenian media portfolio of CME. In a separate statement, CME said that the cash purchase price for the media portfolio was 230 million euro, subject to customary working capital adjustments.
The company currently operates in Bulgaria, Romania, the Czech Republic and Slovakia.
Details about CME's revenue and operating income before depreciation and amortization (OIBDA) in Bulgaria and Romania follow (in millions of U.S. dollars):
|net revenue 2017||pct change (2017/2016)||OIBDA 2017||pct change (2017/2016)|
In Southeast Europe, CME's portfolio comprises TV channels bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring in Bulgaria; PRO TV, PRO 2, PRO X, PRO GOLD, PRO CINEMA, PRO TV International, MTV Romania and PRO TV Chisinau in Romania.
($= 0.8158 euro)