Russian media and communications group, CTC Media, has posted a 1Q 2009 Net Income of $23.3 million under U.S. GAAP.

The bottom line is down 44% on the $41.7 million posted for 1Q 2008, with OIBDA down 29% year on year to $39.1 million, on Revenues of $136.7 million, down 23% year on year.

The company attributed the result to the effect of the economic slowdown on TV advertising demand and prices, with Rouble devaluation also playing havoc with the company’s results when reported in U.S. Dollar terms. However the operator of the Domashny, CTC, and DTV television networks also noted that all of its networks increased market share year on year during the quarter, and CTC Media CEO, Anton Kudryashov, noted that CTC’s revenues were holding up better than the industry average.

“Our first quarter revenues included the consolidation of the broadcasting businesses acquired in 2008 and the year-on-year development reflected the deterioration of the advertising markets, as well as the substantial weakening of our operating currencies against the US dollar reporting currency. However, each of our networks increased its advertising market shares year-on-year in the first quarter. Our organic advertising revenues were down 10% year-on-year in ruble terms, which compares with an estimated 20% decline in the Russian television advertising market over the same period.”