EARNINGS POLL-Revenue at broadcaster CME seen up 26 pct in Q3

    * CME Q3 earnings 
    * Nov. 9, before U.S. market's 3:30 p.m. (1430 GMT) opening 
    * Estimates range from net profit of $15.7 million to net 
loss of $2.1 million 
     
    By Jan Korselt and Marek Petrus 
    PRAGUE, Nov 7 (Reuters) - Central European Media Enterprises 
Ltd. (CME) <CETV.O> will post a 31 percent revenue jump in the 
third quarter thanks to advertising growth in east Europe, a 
Reuters poll showed on Tuesday. 
    Eight analysts saw on average net profit at the 
Bermuda-based TV broadcaster of $3.5 million in July-September, 
compared with a net loss of $9.6 million in the year-ago period. 
    The average forecast was for revenue to grow to $114.4 
million from $87.1 million. 
    The group's bottom line is usually difficult to predict due 
to various one-off items, analysts say. 
    Three analysts looked for a net profit, with their estimates 
ranging from $6.9 million to $15.7 million. The remaining five 
predicted a net loss, ranging between $0.3 million and $2.1 
million. 
    The Prague <CETVsp.PR> and Nasdaq-listed broadcaster 
operates TV channels around central and eastern Europe and 
derives about 40 percent of its revenue from the Czech Republic, 
where it operates TV Nova, the market leader. 
    "A positive factor will be the full consolidation of the 
Slovak station Markiza. CME should also report higher revenues 
from other markets, in particular from Romania and Ukraine," 
said Milan Vanicek, analyst at Atlantik Financni Trhy in Prague. 
    "Another factor is seasonal: the third quarter covers the 
summer months, when advertisers scale back promotional campaigns 
because viewers are on holiday," he added. 
    Lukas Dufek, analyst at Komercni Banka in Prague, expected 
the seasonally weaker third quarter to cause the company's 
EBITDA margin to drop to 30.6 percent for the first nine months 
from 34.5 percent in the first half. 
    CME is popular among investors seeking growth in advertising 
markets of new European Union members or candidates. 
    The stock trades at 28 times projected 2007 earnings, giving 
a premium to the average of nearly 21 times on European 
broadcasting stocks, according to Reuters Estimates. 
    Following is a summary of analyst expectations (figures in $ 
million): 
     
 Q3/06               Average    Median     Q3/05        Range 
 REVENUES             114.4     109.4      87.1      101.5-150.0 
 OPERATING PROFIT      14.1       9.6       4.8        4.6- 45.1 
 NET PROFIT             3.5      -0.4      -9.6       -2.1- 15.7 
     
    NOTE. Only seven analysts gave a forecast for operating 
profit. The following equity houses took part in the poll: 
    Atlantik FT, BH-Securities, CA-IB, Deutsche Bank, ING, KBC 
Securities/Patria Finance, Komercni Banka, WOOD & Company. 
     
 ((Writing by Marek Petrus, editing by David Holmes; Reuters 
Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: 
prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: 
+420 224 190 477)) 
 
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  Keywords: MEDIA EAST CME