TV18 Broadcast reports net profit of Rs. 7.79 crore in the September 2011 quarter
BestMediaInfo Bureau | Delhi | November 7, 2011
But operating revenues jumped 17.2% to Rs 425.4 crore from Rs 363 crore during the same period.
In the first half of FY12, the company posted a net loss of Rs 134 crore and operating revenues of Rs 789 crore.
Announcing the results, Raghav Bahl, Managing Director, Network18 said that, “Network18 has turned in a steady performance despite the volatile and challenging macroeconomic environment. We continue to invest in building our businesses and are particularly pleased to see the rapid growth trajectory of our ecommerce business and the investor interest in this business.”
Commenting on the results for the quarter, Haresh Chawla, Group CEO, said, “The quarter gone by was tough yet steady for our businesses. Advertising revenues may continue to see tepid growth for a few months more driven by domestic and global factors. We continue to profitably grow our existing core operations offset by investments we are making towards building out our portfolio of television channels and ecommerce properties to further consolidate our market position.”
TV18 Broadcast reported net profit of Rs. 7.79 crore in the quarter ended September 2011. Sales reported to Rs. 135.49 crore in the quarter ended September 2011. As per the scheme of arrangement, the television business consisting of business news channels viz. CNBC TV18 and CNBC Awaaz of TV18 along with iNees.Com, a subsidiary of TV18 and IBN18 Media & Software, a subsidiary of the company merged with the company. Hence, the current quarter ended September 2011 is not comparable with the previous quarter ended September 2010.
In the consolidated results, the company reported net loss after minority interest of Rs.8.02 crore in the quarter ended September 2011. Sales reported to Rs. 293.33 crore in the quarter ended September 2011.