TV18 Q2 net Rs 239 million; to expand broadcast operations

MUMBAI: Raghav Bahl's Television Eighteen, the owner of business news channel CNBC-TV18, has reported a net profit of Rs 23.9 million for the July-September quarter. This is before providing for foreign exchange losses. The company today informed the Bombay Stock Exchange that it plans to raise money through a rights issue to expand its broadcasting operations

After deducting forex losses, the TV18's bottomline is Rs 18.2 million. In the same quarter last year, the company had logged a loss of Rs 1.6 million without forex losses and Rs 9.8 million after forex losses. Importantly, operating margins are up at 37.58 per cent from 22.09 per cent. The net sales of the company rose 25.54 per cent to Rs 109.1 million from Rs 86.9 million.

The company's board today approved raising of money through a rights issue. The company had raised money through a rights issue in February 2003. In between, it had also raised money through zero coupon debt. quoted Bahl as saying the money being raised will be used for expansion. "The cash requirements of current operations, the channel, are nil. This channel is funding itself. The company has got cash on the books to completely look after the requirements of the existing channel. We are looking at a rights issue, which our board has approved this morning, is purely for expansion of our broadcast operations and our broadcast properties. After fairly good success of the channel, CNBC-TV18, there are clearly good opportunities available in this space and related spaces. The market is expanding," Bahl was quoted as saying.

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