Network18 Reports Q2 FY 2011 Revenues Up 25%

Operating profit remains at Rs 5 crore for the quarter, compared to a loss of Rs 47 crore in the corresponding quarter last year.

BestMediaInfo Bureau | Delhi | October 29, 2010

Network18 Group has announced its results for the quarter ended September 30 2010.

The group has reported consolidated revenues of Rs 355 crore for the quarter, recording a growth of 25% compared to the corresponding quarter last year. Also, it has reported robust growth in the range of 20 to 60% across businesses.

Network18 Group's operating profit (EBITDA) remains at Rs 5 crore for the quarter, compared to a loss of Rs 47 crore in the corresponding quarter last year. Operating profit in the television businesses offset by continued investments in newer businesses.

Television business revenues grew to Rs 257 crore, a growth of 28% over the corresponding quarter last year; Operating Profit (EBITDA) increased to Rs 23 crore during the quarter, up sharply from a negative Rs 31 cr in the second quarter last year.

Businesses continue to consolidate their leadership positions across media segments – 6 out of 9 TV channels were No 1 during the quarter; Web, Yellow Pages & Home Shopping businesses continued to be leaders in their respective segments.

Announcing the results, Raghav Bahl, Managing Director, Network18 said, “The Indian economy has grown from strength to strength over the last few quarters and the leadership positions of our various businesses has helped us capitalize on this growth.”

Commenting on the second quarter results, Haresh Chawla, Group CEO, said,” We have seen a robust turnaround across all the businesses in the Group from the same period last year. We are looking forward to a strong, sustained profitable growth during the traditionally stronger second half of the financial year.”

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