MTG up 8% on year

With its half year results Modern Times Group says net sales up 8% year on year to SEK 6,920. It had operating income of SEK 822 million when excluding income from the discontinued DTV Group in 2008

Hans-Holger Albrecht, President and Chief Executive Officer, commented: "Market conditions remained tough in the second quarter with advertising budgets under pressure across all markets and broadcasters reporting substantial falls in revenue. However, our free-TV operations continued to outperform rival channels and took further viewing and market shares, whilst our pay-TV businesses continued to demonstrate their resilience with rising sales and ARPU. Total Group sales were up year on year in the second quarter in both reported and local currency terms, whilst profits from continuing operations were stable and each business area reported positive results."

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