Television

Radio losses drag down TV Today net

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MUMBAI: TV Today Network has seen an 8.69 per cent dip in its net profit for FY10. The company posted a net profit of Rs 308.67 million, lower than last fiscal's Rs 335.5 million.

The income from operations at Rs 2.85 billion is up 13.83 per cent from FY09 when it stood at Rs 2.5 billion.

As far as the expenses for the firm go, its overall expenditure of Rs 2.54 billion is higher than last year's Rs 2.25 billion, which is in tune for a growing firm. However, while almost all segments of expenditure saw an increase, the advertising, marketing and distribution expenses dropped to Rs 602.9 million this fiscal, as compared to Rs 675.32 million in the previous year. This is in sync with what analysts had predicted would happen post the merger of Radio Today Broadcasting (which runs Meow FM).

The company's operating profit went up by 25.37 per cent which is a significant jump. The operating profit of Rs 309.24 million in FY10, compared to Rs 246.67 million in FY09, indicates that the normal business activities of the firm are growing.

The other income earned by the firm is marginally down this fiscal at Rs 231.04 million from last year's Rs 242.08 million. However, one of the key factors that led to a lower net profit this year is the hit that it has taken in its balance sheet on account of higher interest and finance charges courtesy Radio Today's merger with it. The latter had been making losses and had taken huge loans. At Rs 70.49 million, the interest and finance charges in the TV Today financials were significantly higher than last year's Rs 1.37 million.

However thanks to the company's overall growth its EPS on a Rs 5 face value share is only marginally lower. At Rs 5.31 in FY10 on a diluted basis, it compares well to Rs 5.79 in FY09. The company's management has announced a dividend of 15 per cent for the fiscal.

The income generated by the radio segment was Rs 43.61 million, while TV Broadcast was Rs 2.80 billion. However, while the TV segment made a profit of Rs 578.49 million this year, the radio segment made a loss of Rs 221.26 million and this was a major factor in the overall net profit of the firm being down.

The firm has made an advance of payment of Rs 185 million to Mail Today Newspapers to subscribe to its equity and enter the daily newspaper space. The venture is currently notching up huge losses but the management believes it will end up being a profitable decision.

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