NDTV Q2 net loss from news biz widens as rev falls

MUMBAI: NDTV‘s net loss from news business has widened 30 per cent to Rs 152.5 million for the fiscal second quarter as revenue from operations fell. The news broadcaster had posted a net loss of Rs 107 million in the same quarter of the previous fiscal.

NDTV‘s revenue for the quarter fell 5.23 per cent to Rs 784.5 million from Rs 822.3 million during the same period last year.

The company‘s expenditure decreased marginally to Rs 959.3 million from Rs 982.8 million in the year ago period even as employee cost increased 7.29 per cent to Rs 307 million on group wide cost and resource optimisation exercise during the quarter.

The company‘s operating and administrative expenses rose 20 per cent to Rs 252.6 million during the quarter.

Income from exceptional items rose to Rs 55.3 million from Rs 29 million in the corresponding quarter of the trailing fiscal.

Exceptional items during the quarter include gain on sale of investment in Metro Nation Chennai (MNC). NDTV said the gain in standalone results is Rs 44.3 million.

NDTV and its JV partner Kasturi and Sons Limited (KSL) had on 20 August entered into a Share Purchase Agreement with Educational Trustee Company Private Limited for the sale of 100 per cent of their respective stakes in Metro Nation Chennai Television Limited (MNC).

On a consolidated basis, NDTV narrowed its consolidated net loss for the quarter to Rs 165.1 million from Rs 223.1 million. The company‘s revenue stood at Rs 1.01 billion, down from Rs 1.05 billion, even as expenses widened to Rs 1.33 billion from Rs 1.29 billion. NDTV said the provision for doubtful debts relating to the shutdown of the channel Hindi GEC Imagine made in the previous year now reversed in the consolidated results amounting to Rs 11 million.

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