Entertainment Network Q1 revenue up 69%, net profit at Rs 13 million

MUMBAI: Entertainment Network India Ltd's (ENIL) income has grown by 69.2 per cent to Rs 354.5 million for the first quarter ended 30 June 2006 as compared to Rs 209.5 million a year ago.

Net profit for the quarter ended stood at Rs 13 million. The company incurred a marketing expense of Rs 0.9 million.

ENIL manages FM broadcasting under the brand name of radio Mirchi.

The earnings before interest, depreciation, tax and amortization (EBITDA) for the quarter stood at Rs 59.7 million as against Rs 60.1 million in the corresponding period of the previous year.

On comparing the year-on-year (YoY) performance of the existing seven stations, the topline has grown by 47.3 per cent and earnings has grown by 55 per cent, according to an official release.

During the quarter, ENIL had launched three new FM stations - in Bangalore, Hyderabad and Jaipur. "The financial result captures the costs for the full quarter whereas the revenue reported is only for part of the quarter," the release added.

Commenting on the results ENIL MD and CEO A P Parigi said, "As a company we continue to focus on expanding the FM Radio category and sustaining the leadership of Radio Mirchi in the existing and new markets. Research findings of IMRB, commissioned by us, indicate Radio Mirchi is the No. 1 radio station in terms listenership in Bangalore, Hyderabad and Jaipur".

Times Innovative Media Limited (TIMPL), the subsidiary of ENIL, has bagged a few contracts during the quarter. Times OOH Media has won, among others, the advertising rights for Patel Bridge, considered a unique outdoor advertising infrastructure in the city of Mumbai.

The experiential marketing business, 360 Degrees, has been selected as the nodal agency for Habitat for Humanity, a Jimmy Carter Project - 2006. The project is part of a global endeavour of the former president of United States aimed at establishing low cost housing for the underprivileged across the world.

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