MOSCOW: Russian broadcasting group CTC Media has revealed a 45% increase in fourth quarter profits driven by strong advertising sales.

The company, which controls the country's fourth-biggest TV network, reports net income rose year-on-year to $59.7 million (€39.3m; £30.1m). Revenue climbed 36% to $161.7m.

CTC expects ad sales to reach between $600m and $650m during 2008, although its CTC Network's Q4 audience share fell to 8.9% from 9% a year earlier.

According to the Association of Communication Agencies in Russia, TV advertising grew 31% last year to $4.6 billion.

Data sourced from Moscow Times / Bloomberg; additional content by WARC staff