MTG posts 25 percent profit increase

Swedish entertainment and broadcasting group Modern Times Group (MTG) said on Wednesday second quarter results for 2006 showed a 30 percent increase in net sales to 2.6 billion kronor. Pre-tax profits stood at 499 million kronor, nearly double the figure for the same period last year, when the group posted profits of 257 million kronor.

“Record second quarter and first half year results again reflect continued growth and increasing profitability in each of our three key broadcasting businesses, with a particularly strong performance by the Central and East European operations and assets,” said Hans-Holger Albrecht, President and CEO.