Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

CTC Media Says Profits Gain in Q1

Entertainment television network CTC Media reported growth in first-quarter sales and profits on Friday that met market expectations and reiterated its guidance for the full year.

Operating revenues gained 31.4 percent to $104.1 million and earnings before interest, taxes, depreciation and amortization gained 20.3 percent to $44.3 million, the company said in a statement.

Net income under generally accepted accounting principles was up 24.1 percent to $28.1 million while diluted earnings per share gained 20 percent to 18 cents, according to unaudited results.

Analysts forecasting CTC's results had expected top-line growth of 25 percent to 26 percent, while its profitability was broadly in line with their expectations.

CTC Media floated last May on Nasdaq, raising $346 million for its investors, including Sweden's Modern Times Group and Baring Vostok Capital Partners. Its share price has nearly doubled since, valuing the firm at over $4 billion.