(16 April 2009 10:30 pm)

MUMBAI: Chennai-based Raj Television Network (RTN) has posted a net loss of Rs 30.76 million for the quarter ended 31 March 2009, as against a net loss of Rs 3.42 million a year ago.

During the period, the company has recorded a 84.45 per cent growth in revenue to Rs 204.05 million (from Rs 110.625 million).

The income from operations and net sales stood at Rs 194.94 million, as compared to Rs 86.44 million in the prior year.

On the expenditure front, there was a steep rise of 102.81 per cent to Rs 229.93 million in the fourth quarter (from Rs 113.37 million). The operational cost of the network has doubled in the quarter at Rs 83.30 million (from Rs 37.71 million) in the corresponding quarter. Meanwhile, other expenditure also surged to Rs 127.28 million (from Rs 61.52 million).

The company launched a Kannada music channel Raj Musix Kannada on 6 March. It is also acquiring content for upcoming Kannada GEC, while a Kannada news channel is also in pipeline.

RTN also announced that out of the total projected utilisation of Rs 528.1 million from the IPO funds, the company has spent Rs 353 million towards acquisition of content, strengthening facilities, purchase of new equipment, up gradation of existing equipment, production of movies, construction of studio and general corporate purpose. The balance has been invested in fixed deposits with banks.

Meanwhile, on the yearly basis, the company has managed to show net profit of Rs 37.22 million in FY’09, a dip of 72.38 per cent as compared to Rs 134.745 million in the previous fiscal.

Total income for the fiscal increased from Rs 586.86 million to Rs 624.15 million. However, expenses also rose to Rs 551.12 million, up from Rs 375.99 million a year ago.