PRAGUE (Bloomberg) — Bermuda-based Central European Media Enterprises Ltd., the operator of television stations in seven eastern European countries, reported a fourth-quarter loss after charges for its businesses in Bulgaria and Ukraine.

The net loss for the three months ended December 31 was $323.3 million after $336.8 million in impairment charges compared with a profit of $73 million a year earlier, the company said yesterday in a statement distributed by the PRNewswire. Revenue declined three percent to $291.5 million.

The company, also known as CME, has faced "adverse" macroeconomic conditions and "reduced visibility" in markets this year, chief operating officer Adrian Sarbu said in the statement. CME has taken "aggressive" measures to cut operating costs and "maximise" revenue and liquidity, Sarbu added.

Media companies face tough conditions as clients cut budgets because of slower consumer spending. Advertising budgets in the UK in the fourth quarter were cut the most since the Institute of Practitioners in Advertising began industry surveys nine years ago.

The company had a full-year net loss of $255.5 million compared with $88.6 million in net income a year earlier. Revenue rose 22 percent in 2008 to $1.02 billion from $838.9 million a year earlier, CME reported.