Pay-TV group Modern Times Group has published its financial results for the six months ended 30 June 2011.
Net sales were up 9 per cent year on year at constant exchange rates and up 3 per cent year on year at reported exchange rates to SEK 3.531 billion (€0,385bn). Record operating income before associated company income was SEK 593 million, with stable operating margin of 17 per cent. Total operating income amounted to SEK 681 million, including SEK 88 million of associated company income
Hans-Holger Albrecht, President and Chief Executive Officer, commented: “We have delivered another quarter and first half year of record results. The Group generated nine per cent year on year sales growth at constant exchange rates in both the quarter and for the first six months of the year, with revenues for each of our four broadcasting segments in the Nordic and emerging markets up year on year. The Nordic TV advertising markets have continued to grow but recovery in the emerging advertising markets is still lagging. We have increased our target audience shares quarter on quarter in the majority of our operating territories, which demonstrated the effectiveness of the multi-channel media house model. The Nordic pay-TV platform has added subscribers year on year as our virtual operator model continues to work well and premium satellite ARPU levels rise further, while our pioneering new Viaplay Nordic internet-based video streaming service is gaining momentum. Our emerging market satellite platforms and channel businesses are also developing rapidly.”