WWIL Q2 net loss widens as revenue drops 17%

MUMBAI: Wire and Wireless (India) Limited (WWIL) has widened its second-quarter consolidated net loss to Rs 406.01 million as revenue dropped and investments continued for the Headend-In-The-Sky (HITS) system.

The Subhash Chandra-promoted cable TV distribution company had posted a loss of Rs 219.70 for the same period in the earlier year.


Operating revenue fell 16.66 per cent to Rs 697.97 million for the quarter ended 30 September 2009, compared to Rs 837.54 million a year ago.

"WWIL couldn‘t finalise a few carriage deals. The third-quarter income will go up as these deals get concluded," a source said.

Expenses stayed flat at Rs 911.07 million, compared to Rs 912.32 million in the year-ago period.

WWIL said it has launched HITS in the first quarter of the fiscal for future turnaround of the business. It has also come up with a rights issue of Rs 4.5 billion.

On a standalone basis, WWIL‘s net loss for the quarter stood at Rs 413.72 million (as against Rs 257.66 million). Revenue fell to Rs 477.15 million (from Rs 610.82 million), while expenses reduced marginally to Rs 715.59 million, from Rs 727.30 million in the earlier year.

WWIL promoters pledged 31.05 million shares, or 14.2 per cent stake, according to information provided by the company till 30 September 2009.

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