MTG record results
February 18, 2009
Modern Times Group (MTG) reported revenues of SEK13.166bn (E1.22bn) for the year to December 2008, up 16% year-on-year. Group operating income after non-recurring items was SEK2.598bn, up 28%. The Viasat Broadcasting had revenue of SEK3.018bn in the fourth quarter, up 17% year-on-year. Nordic free-to-air channels turned in revenue of SEK1.053bn in the fourth quarter, up 9% year-on-year, while free channels in the emerging markets turned in SEK754m, up 38%.
In pay-TV, Viasat in the Nordic region contributed fourth quarter revenue of SEK1.042bn in the fourth quarter, up 10%, while central and eastern European pay-TV operations contributed SEK203m, up 70%. Fourth quarter operating income was SEK194m, up 14%. Total premium subscribers rose by 14,000 quarter-on-quarter.
In central and eastern Europe, the Baltic and Ukrainian DTH platforms added 25,000 subscribers in the fourth quarter, and 54,000 for the full year. Mini pay subscriptions increased by 38% to 36 million over the full year, with over three million new mini subscriptions in the fourth quarter. Operating income for the fourth quarter was SEK50m.
President and CEO Hans-Holger Albrecht said that while 2008 had proved to be a record year for MTG, 2009 was likely to prove a "challenging" year.