SABTNL posts Rs 22.61 m loss in 3Q FY03

MUMBAI: Sri Adhikari Brothers Television Network has posted a loss of Rs 68.73 million (unaudited) for the nine months ended 31 December 2002 as against a net profit of Rs 63.33 million for the corresponding period in 2001. The total income for the nine months also fell to Rs 447.62 million (down 26.97 per cent) as compared to Rs 612.93 million in 2001.

The total income for the quarter ended 31 December 2002 fell to Rs 139.32 million (unaudited) (down 25.7 per cent) as compared to Rs 187.69 million for the quarter ended 31 December 2001. The company also posted a loss of Rs 22.61 million as compared to a net profit after tax of Rs 25.02 million for the corresponding period in 2001.

The results were taken on record by the board of directors in their meeting dated 31 January 2003. An official statement states that the current figures (2002) are not exactly comparable with those of the corresponding period for last year (2001) as they include revenues/expenses from the channel 'SABe TV's'.

The total profit before tax and interest for all three different segments (namely production house, broadcasting and others) was Rs 33.61 million for 3QFY03 (as against Rs 61.30 million in 2001) and Rs 97.18 million (as against Rs 151.37 million in 2001) for the nine months ended 31 December 2003. The net profit after tax, however, has been affected due to the finance charges, depreciation and other unallocable expenses.

On the Bombay Stock Exchange, the scrip opened for Rs 71.45 and closed at Rs 74, up 3.57 per cent. On the National Stock Exchange, the scrip opened at Rs 71.3 and closed at Rs 74.45, up 4.42 per cent.

A statement mentioned that the company has taken over the channel business and SABe TV's brand from SABe TV Ltd, a Mauritius based wholly owned subsidiary with effect from 1 January 2002. The total consideration of Rs US$ 12.80 million is payable to WOS and is capitalised as intangible assets under the head "business and commercial rights" in the balance sheet.

The Reserve Bank of India (RBI) has given its approval for the takeover with certain conditions, says an official statement. As per RBI approval, the said consideration is to be recovered by retiring against investment in preference and ordinary shares of the wholly owned subsidiary. Since these transactions require legal formalities to be completed under the Companies Act and other relevant laws of Mauritius, an official statement says that it will be given in due course of time.

The company has also kept the diminution in the value of investments pending and not quantified the provision for doubtful debts and other advances, as the full implementation is pending.

The segment-wise revenues reported was Rs 85.26 million (as compared to Rs 179.37 million for the corresponding quarter in 2001) for the production house and Rs 50.25 million for the broadcasting segment. A new business line has been added to the company's business.

The profit before tax and interest for the production house was Rs 21.03 million in the quarter ended 31 December 2002 and Rs 86.70 million for the nine months ended 31 December 2002.

Similarly, the profit before tax and interest for the broadcasting segment for 3QFY03 was Rs 8.79 million and that for the nine month period was Rs 8.14 million.

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