The company had posted a net profit of Rs 21.1 crore in the corresponding quarter of last year
BestMediaInfo Bureau | Delhi | August 6, 2012
TV18 Broadcast Limited has announced its results for the quarter ending June 30, 2012. The company has posted a net loss of Rs 23.45 crore during this quarter against a net profit of Rs 21.1 crore in the corresponding quarter of last year.
The consolidated revenues from continuing broadcasting operations (excluding motion pictures, discontinued operations and new launches) stood at Rs. 274.2 crores and while the operating profit was Rs. 34.9 crores. On a reported basis, revenues stood at Rs. 346.9 crores and our operating profit was Rs. 15.2 crores.
Consolidated Revenues were up 8% from Rs. 265.9 crores against the corresponding quarter last year.
â€śOur continuing broadcasting operations turned in a healthy profit of Rs. 34.9 crores during the quarter (excluding motion pictures, one- time expenses/revenues and losses towards our new launches and discontinued operations),â€ť the company said in a filing to the BSE.
â€śOur subscription revenues for the quarter stood at Rs. 53.2 crores, up 35% year-on-year and in line with our expectations. There is a sequential decline in this number as Q4FY2012 included a year-end distribution of profits from Sun18 Media Services,â€ť the filing said.
Announcing the results, Raghav Bahl, Managing Director, Network18 said, â€śAfter a strong phase of investment in building our portfolio of channels, TV18 has now entered a consolidation phase and we are focused on creating value for all our stakeholders. Even though the broader macroeconomic environment remains challenging and uncertain, the Indian broadcasting industry is enthused by the enormous opportunity that digitization presents. At TV18, we are confident that with our distribution venture - IndiaCast, we are well poised to claim our rightful share of the opportunity. After we complete our proposed strategic stake acquisition in ETV and the proposed twin rights issues (subject to regulatory approvals), we believe that our strong television footprint will propel us to the next phase of our growth.â€ť
Commenting on the results for the quarter, Sai Kumar, Group CEO, said, and â€śDespite advertising sluggishness, our broadcast businesses, led notably by Colors, our News Network and History TV18, have continued to grow. We also aligned ourselves for digitization through the formation of the IndiaCast venture in broadcast and new media spaces with a mandate spanning domestic as well as international markets. The IndiaCast bouquet comprising of 49 channels across news, entertainment and regional genres is well-equipped to leverage the digital upside. Weâ€™re focused on maintaining strong operational performance, in spite of uncertain headwinds on the advertising front in the medium term.â€ť