OREANDA-NEWS. August 8, 2011. CTC Media today (5 Aug) reported its 2Q11 US GAAP results: revenues rose by 38% YoY to USD 204.5mn (2% above consensus), OIBDA increased by 82% YoY to USD 66mn (7% above consensus), while OIBDA margin grew from 24.5% in 2Q10 and 24.1% in 1Q11 to 32.3%. In 2Q11, net income rose 69% YoY to USD 38.5mn, beating consensus by 6%.

We note that Russia’s TV advertising market grew by 28% YoY (in rouble terms) in 1H11 (source: AKAR), while CTC Media’s advertising sales outpaced the market with 43% YoY growth (in roubles) in the period.

Separately, the record date for the next quarterly dividend (USD 0.22 per share for a 1% dividend yield) has been set as 1 Sep.

Bottom line

The results look positive in our view, particularly on the back of lacklustre 1Q11 numbers. That said, the stock’s dynamics are likely to continue to be subject to the overall stock market’s performance.