CTC Media Inc. (CTCM) reported that its third-quarter net income attributable to stockholders rose to $46.66 million or $0.30 per share from $31.60 million or $0.20 per share in the same quarter last year.
Total operating revenues for the quarter grew to $171.08 million from $158.57 million in the previous year.
The CTC Media Board of Directors has declared cash dividends of $0.70 per share in 2014, a year-on-year increase of 11% compared to cash dividends of $0.63 per share paid in 2013, including a cash dividend of $0.175 per share to be paid on or about December 26, 2014 to shareholders of record as of December 1, 2014.
Almost 100% of CTC Media's forecast full-year 2014 Russian national inventory is currently committed at prices higher than the 2013 average.
At the same time the company sees some signs of market deterioration in the fourth-quarter 2014. The Russian TV advertising market is currently expected to grow between 1% and 3% year-on-year for the full-year 2014 in ruble terms.
CTC Media said it aims to outperform the overall market in Russian television advertising revenues for the year, and expects comparatively less growth in total revenues due to the decrease in sublicensing revenue to broadcasters in Ukraine.
The Company will continue to invest in content, but anticipates that its programming expenses will grow at a rate not higher than the growth of its total revenues and at lower pace than in 2013.
CTC Media currently expects to report an OIBDA margin of approximately 30% for the full year 2014.
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