Channel Guide in the red in 2001-2002 fiscal

Channel Guide has incurred losses worth Rs 15.28 million for the year ended 31 March 2002.

According to the financial results released by the company, its "income from operations" has decreased from Rs 12.8 million to Rs 11.5 million over last year's figures thereby showing a drop of about 10 per cent. This, according to Channel Guide COO Ravi Deshmukh, is due to the stoppage of various leasing activities that were undertaken by the organisation in the past. At present, the company says it is concentrating solely on the recovery of outstanding dues.

The total expenditure of the company has risen by a whopping 300 per cent from Rs 8.77 million to Rs 23.94 million. This has been mainly attributed to the fact that last year's balance sheet figures indicated business activities that were mainly non-media activities while the present balance sheet contains media activities.

Company sources attribute the drop of 30 per cent in the amount of depreciation from Rs 5.2 million to Rs 3 million to the same factor i.e. change in the mode of business. However, it is being reported that there has been no further leasing or no new purchase or sale of assets in the current year.

The company however hopes to reach break-even by the third quarter of the current fiscal. 

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