(27 January 2009 8:00 pm)

MUMBAI: The Sun continues to shine down south. The Sun TV Network has announced the third quarter results which show that it is bucking the downward trend that is plaguing corporate India. Its net profit is up 9.71 per cent, to Rs 1.12 billion in Q3 ended 31 December 2008 as against Rs 1.02 billion in the corresponding quarter of the previous fiscal.

Total income zipped ahead 22 per cent to Rs 2.85 billion in Q3 (Rs 2.32 billion Q3 2007). Its other expenditure more than doubled to Rs 171.2 million (Rs 87.8 million), while its cost of revenues also rose steeply to Rs 268 million as compared to Rs 143.7 million in the year ago period.

Its nine month results for the period ended 31 December 2008 are also noteworthy with its total income climbing 20 per cent at Rs 7.99 billion from Rs 6.61 billion. Sun TV registered a 17.26 per cent rise in net profit at Rs 3.23 billion (Rs 2.75 billion).

Additionally, the management announced that it has parked funds left over from its public issue of Rs 5.72 billion in fixed deposits with banks. Rs 3.10 billion of the IPO amount has gone into capitalisation of subsidiaries, Rs 761.6 million towards launch of new channels and equipment upgrade and purchase, and Rs 440 million to acquire a new corporate office.

The Kalanithi Maran led broadcast network announced an interim dividend of 30 per cent at Rs 1.50 per share.

The scrip price of Sun TV network gone up by 4.41 per cent to close at Rs 155.15 after its results announcement.