TV18 registers Rs 15 m. net profit in Q1 2002

NEW DELHI: The Raghav Bahl-promoted Television Eighteen Ltd has recorded a net profit of Rs 15.25 million for the quarter ended June 30, 2002 as compared to Rs 11.25 million for the quarter ended June 30, 2001. The total income has increased from Rs 72.48 million in JQ-01 to Rs 78.07 million in JQ-02.

The Q1 operating profit has gone up to Rs 15.15 million from Rs.0.79 million on an year-on-year basis. The operating margin is up to 21.60 per cent from 1.27% Y-o-Y. The statement said that improved financial performance has been recorded despite the current quarter being seasonally the weakest quarter.

Revenues are up 12.71 per cent on an Y-o-Y basis, while the operating expenditure is down 10.48 per cent Y-o-Y.

According to a statement issued today the Television Eighteen Group (TVEG) has posted sustained revenue and profitability growth over the last five quarters. The consolidated net profit for the quarter ended June 30, 2002 is at Rs 4.18 million as compared to a net loss of Rs 8.19 million in the quarter ended June 30, 2001. Revenue from Operations has increased from Rs 62.22 million in JQ-01 to Rs 70.13 million in JQ-02.

Following the company's board meeting earlier in the day, Raghav Bahl, Television Eighteen's Managing Director said: "The company's performance continues to improve - the operating margin has risen substantially as a result of growth in revenues and increased efficiency of operation. We expect this trend to continue in the coming quarters."

The financial performance has been measured for Television Eighteen Group on a consolidated basis. This includes TV 18 India and its subsidiary companies TV 18 Mauritius, Eighteen Entertainment India and E18.

According to TV 18, as investors were informed, the company made a provision for the bad debts of M/s Home Trade after the Q4 '02 results was declared in April. Accordingly, Q4 '02 results have been re-compiled.

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