Radio One reports improved operating results, lower loss for HY1-2014

BENGALURU: Next Mediaworks Limited and BBC worldwide joint venture Radio One (Radio One) reported a growth in revenue of 19 per cent for HY1-2014 to Rs 28.07 crore as compared to the Rs 23.57 crore for the corresponding period of last year. The company was previously known as Mid-Day Multimedia Limited.

 The company reported a 340 per cent jump in PBIT for H1-2014 to Rs 3.17 crore from Rs 0.72 crore during the corresponding period last year.

Overall, the company reported about one third (33.8 per cent) loss of Rs (-1.22) crore for H1-2014 as compared to the Rs (-3.61) crore for H1-2013.

Let us look at the figures reported for Q2-2014 by Radio One

 Radio One reported revenue of Rs14.14 crore for Q2-2014 which was about 1.5 per cent higher than the Rs 13.93 crore for Q2-2013 and about 12.6 per cent more than the Rs12.56 crore for Q1-2014.

Expenditure at Rs12.83 crore for Q2-2014 was about 4.1 per cent lower than the Rs13.38 crore y-o-y and about 1 per cent higher than the Rs12.71crore q-o-q.

The company paid 1.43 per cent lower license and royalty fees for Q2-2014 at Rs 1.38 crore as compared to the Rs1.4 crore for Q2-2013 and about 0.7 per cent higher than the Rs1.37 crore for Q1-2014.

Radio One paid finance cost of Rs1.25 crore which was 3.8 per cent lower than the Rs1.30 crore for Q2-2013, but 15.7 per cent more than the Rs1.08 crore for the immediate trailing quarter.

It spent 28 per cent less towards advertising and marketing costs for Q2-2014 at Rs 0.34 crore as compared to the Rs 0.5 crore for Q2-2013 and less than half (42 per cent) of the Rs 0.81 crore for Q1-2014.

Deferred tax for the current period (Q2-2014) of Rs (-0.63) crore resulted in a loss of Rs (-0.57) crore from ordinary activities and minority interest added another Rs (-0.11) crore to bring the net loss for the period to Rs 0.68 crore.

Q2-2014 loss at Rs (-0.68) crore was 13.6 times the Rs (-0.05) loss for Q2-2013 and 28.3 per cent higher than the Rs 0.53 crore for Q1-2014.

Next Radio managing director and CEO Vineet Singh Hukmani said, “It feels wonderful to be part of a team that has met huge challenges and come out on top. Despite a slowdown in the economy, we continue to outgrow the market on profit margins due to our consistent differentiation strategy across all our seven markets. We have doubled the cash generated by the business this H1 as compared to last year and with our debt retirement being on track, this opens doors for us to continue investing into our largest assets, our people, our product and future digital engagement strategies.

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