TV18 reports Rs 9.8 million net loss for SQ-2002

MUMBAI: The Raghav Bahl-promoted Television Eighteen India Ltd, which runs the CNBC India business news channel, has reported a consolidated net loss of Rs 9.81 million for the quarter ended 30 September, 2002 as compared to a net loss of Rs 14.67 million for the quarter ended September 30, 2001.

Total Income has increased from Rs 78.81 million in SQ-2001 to Rs 79.96 million in SQ-2002, has reported

The company's business news revenue grew 47.25 per cent to Rs 82.46 million from Rs 56 million in the previous corresponding quarter. Revenues from both entertainment and Internet operations however were down. Entertainment revenues saw a 50.3 per cent drop from Rs 5.19 million to Rs 2.58 million, while the e-business income fell 46.7 per cent from Rs 3.66 million in SQ-2001 to Rs 1.95 million in SQ-2002.

Overall operating profit, however, improved to Rs 19.22 million from Rs 1.06 million last year, the company financial statement states.

The company ascribed two principal reasons for the losses:

EXTRAORDINARY CHARGES - An extraordinary non recurring loss of Rs 5.79 million incurred on account of land in Noida (on the outskirts of Delhi) lying unused since 1995. This land was returned to the authorities at a value loss of Rs 5.79 million. The proceeds of Rs 22.73 million were used to prepay a term loan from ICICI Bank. This resulted in a prepayment penalty of Rs 700,000. This prepayment will lead to lowering of interest costs for the current quarter, the statement says.

OTHER INCOME: Net of foreign exchange losses of Rs 8.19 million on account of appreciation of the rupee against the dollar. This neutralises the extraordinary gains booked in the previous quarter on account of rupee depreciation.

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