Central European Media Enterprises Ltd. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net revenues of $159,555,000 against $146,895,000 a year ago. Operating income was $45,842,000 against $43,153,000 a year ago. Income before tax was $28,465,000 against $32,633,000 a year ago. Net income attributable to the company was $26,041,000 or $0.06 per diluted share against $27,935,000 or $0.07 per diluted share a year ago. Income from continuing operations was $21,325,000 or $0.05 per basic and diluted share against $25,265,000 or $0.07 per diluted share a year ago. Total OIBDA was $55,657,000 against $51,656,000 a year ago. The company announced the $910 million of net debt at the end of June.

For the six months, the company reported net revenues of $298,737,000 against $258,627,000 a year ago. Operating income was $66,787,000 against $56,177,000 a year ago. Income before tax was $38,446,000 against $28,896,000 a year ago. Income from continuing operations was $27,409,000 or $0.06 per diluted share against $19,283,000 or $0.04 per diluted share a year ago. Net income attributable to the company was $33,291,000 or $0.08 per diluted share against $16,870,000 or $0.04 per diluted share a year ago. Net cash from generated from continuing operating activities was $75,636,000 against $56,553,000 a year ago. Total OIBDA was $86,324,000 against $72,748,000 a year ago. Capital expenditure, net of proceeds from disposals was $7,819,000 against $11,865,000 a year ago. The company reported free cash flow of $67,817,000, compared to $44,688,000 for the same period a year ago. Unlevered free cash flow from continuing operating activities was $89,348,000, compared to $64,290,000 for the same period a year ago.

The company also continues to expect that growth in profitability will accelerate sharply in the second half of 2018 as the company's businesses perform strongly across the board, leading to another full year of outstanding results and strong free cash flow generation.

The company continue to expect that OIBDA growth for the full year will be in the midteens at constant rates, which, following the weakening of European currencies against the dollar over the last few months, translates into OIBDA of around $200 million for 2018 or about 20% growth at actual rates, assuming current FX levels hold through the end of the year. This anticipated OIBDA growth should result in unlevered free cash flow growth of 20% to 25% at actual rates.