Install

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

. Last Updated: 07/27/2016

CTC Sees Tough Times Ahead in 2010

CTC Media said the advertising market would remain challenging in 2010 after an expected slump in revenue this year, taking the shine off a leap in third-quarter profit.

The company, which runs independent TV and production companies in Russia and other former Soviet states, said on Thursday that it expected advertising revenue in ruble terms to be 4 percent to 6 percent lower this year, with the downturn set to continue into 2010.

"Visibility continues to be limited moving forward, and we expect overall market conditions to remain challenging in 2010," chief executive Anton Kudryashov said in a statement.

He said the three months to the end of September had been particularly strong in terms of viewers and market share, though the TV group's performance was not hitting the same levels in the current quarter.

CTC, which is 40 percent owned by Swedish media group Modern Times, said third-quarter net income was 23 percent higher than in the year-earlier period at $25.9 million, although the group benefited from a lower tax rate.

Third-quarter revenues were down 4 percent year on year, a figure that the company said outperformed an overall Russian television advertising market decline of 21 percent.