PRAGUE (Reuters) - Core profit at Central European Media Enterprises (CME) (O:CETV) (PR:CETV) more than doubled to $18.0 million (15 million pounds) in the third quarter, lifted by rising television advertising spending in its key markets, the company said on Tuesday.
The rise in operating income before depreciation and amortisation (OIBDA) was larger than analysts expected. The average estimate in a Reuters poll saw OIBDA rising to $11.7 million, from $8.4 million in the same quarter a year ago.
Revenue rose 8 percent to $126.7 million in the quarter, above estimates.
"We believe these results keep us well on track to deliver another full year of excellent financial performance," co-Chief Executive Michael Del Nin said in a release.
The company, which operates stations in six central and eastern European markets, did not comment on its outlook. It has said it expects OIBDA to grow in the low to high teens at constant exchange rates for the whole of 2016.
CME will hold an analysts' call later on Tuesday.
Core profit growth reached 39 percent in CME's biggest market, the Czech Republic, it said. In Romania, OIBDA rose 81 percent in the quarter on 8 percent higher revenue.
Costs across the group were flat in the quarter, CME said.
CME's main shareholder is Time Warner (N:TWX). On Saturday, AT&T Inc (N:T) said it had agreed to buy Time Warner for $85.4 billion.