MUMBAI: The grim tale of economic downturn continues with yet another media company posting poor third-quarter results. NDTV Ltd's consolidated net loss has widened to Rs 1.21 billion, as against a loss of Rs 320.2 million in the quarter ended 31 December, 2007.

The figures also capture the losses made on the entertainment and allied business of Rs 1.04 billion.

NDTV's revenue grew 12 per cent to Rs 1.31 billion, from Rs 1.08 billion a year ago.

The company said that the change in the external environment and the economic downturn has resulted in a visible slowdown in advertising revenues not just for NDTV, but for the industry as a whole. It also mentioned that it has already initiated major rationalisation of costs on all fronts - distribution, personnel and administration, to improve efficiency and streamline operations.

It claimed that the group has cash balance of over Rs 4 billion, net of all debt, to meet any future business expense requirements including new programming and developments.

The company's total expenditure stood at Rs 2.33 billion, nearly double from Rs 1.19 billion on a year-on-year basis. Operating expenses shot up mainly due to rise in marketing, distribution, promotional and production costs.

On a standalone basis, NDTV posted a net loss of Rs 174.8 million for the third quarter ended 31 December 2008 while revenue was at Rs 825.9 million.

NDTV has received confirmation of no objection from the stock exchanges (BSE, NSE) for the de-merger of news and entertainment businesses and it will be filing the scheme with the Delhi High Court, the company said in a statement.