Bloomberg News

Central European Media Shares Jump on Report Earnings Improved

January 23, 2012

Jan. 23 (Bloomberg) -- Central European Media Enterprises Ltd. jumped the most in more than three months after a report that the company’s 2011 Oibda, or operating income before depreciation and amortization, rose 60 percent from a year ago.

The shares surged as much as 9.1 percent, the most since Oct. 11 on an intraday basis, and traded up 8.3 percent to 142.99 koruna by 4:03 p.m. in Prague. The company’s U.S.-traded shares climbed 8.1 percent to $7.34 by 10:05 a.m. in New York.

CME, as the broadcaster is known, has a “sufficient” liquidity of $200 million in cash, and a debt payment of $130 million due next year is not a problem, Chief Executive Officer Adrian Sarbu told Hospodarske Noviny in an interview published today.

--Editors: Linda Shen, Peter Branton

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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