GBN posts maiden net profit in Q4

MUMBAI: : Global Broadcast News Limited (GBN) has announced a maiden net profit for the quarter ended 31 March 2007, within 15 months of launch of its channel CNN-IBN.

The net profit stood at Rs 27.8 million while for the full fiscal net loss was at Rs 320.3 million. Says GBN joint managing director Sameer Manchanda, "The last quarter has seen GBN turn into black."

For the fourth quarter of 2006-07, gross revenues stood at Rs 290.7 million with income from operations accounting for Rs 279.8 million. During 2006-07, gross revenues were at Rs 799.4 million.

Total expenditure for the entire fiscal stood at Rs 986.7 million with staff costs amounting to Rs 321 million and marketing, distribution and promotions to Rs 249.2 million.

Out of Rs 1.05 billion raised through an initial public offering (IPO), the company has utilised Rs 645.9 million (till 31 March 2007).

GBN's share of loss based upon its holding in BK Fincap (BKF) is Rs 43.9 million during the quarter ended 31 March 2007. The company holds 49 per cent in BKF. Since August 2006. BKF holds 89.99 per cent shares in Jagaran TV Pvt Ltd (JTV).

GBN shares rose seven per cent on the BSE to close today's trading at Rs 618.90.

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