Central European Media Enterprises swings to 1Q profit

Central European Media Enterprises Ltd. said Wednesday it swung to a first-quarter profit as broadcasting revenue rose and corporate operating costs declined.

The Bermuda-based company, which operates television networks and online media in six Central and Eastern European countries, reported net income for the three months ended March 31 of $14.9 million, or 35 cents per share, compared with a loss of $250,000, or a penny per share, a year earlier.

Corporate operating costs declined 32 percent, to $10 million from $14.8 million last year.

Revenue for the period soared 51 percent to $223.5 million, from $147.9 million in the prior year. Broadcast operations revenue rose 50 percent to $221.5 million.

Analysts polled by Thomson Financial, on average, predicted sales of $188.6 million.

U.S.-traded shares of Central European Media Enterprises jumped $8.87, or 9.3 percent, to $104.37 in morning trading. Over the past year, the stock has traded between $75.38 and $126.53.