MUMBAI: Reliance Broadcast Network Limited (RBNL) has narrowed its TV business operating loss to Rs 133 million in the third quarter ended 31 December, a 28 per cent drop from Rs 170.2 million a year earlier, on revenue growth and reduction in carriage costs.

RBNL?s TV business revenue grew 97 per cent to Rs 117 million in the third quarter from Rs 59.7 million a year earlier. The company?s loss before tax and interest during the quarter also narrowed to 167 million from Rs 186.2 million a year earlier.

The highlight of the third quarter was a 57 per cent reduction in carriage costs year-on-year due to cable TV digitisation in the three metros of Mumbai, Delhi and Kolkata, RBNL said but did not disclose the amounts paid to MSOs as carriage fees.

Operating profit from FM radio business remained flat at Rs 122 million during the third quarter. The company said it has posted highest quarterly revenues so far from radio business at Rs 517 million in the third quarter, an 8 per cent increase from Rs 480.6 million a year earlier.

Commenting on the financial performance, RBNL CEO Tarun Katial said, ?Reliance Broadcast has delivered impressive results in both radio and television businesses, with radio recording its highest ever revenue quarter. The television business has reported significant growth in revenue and reduction in carriage, reaping benefits from digitisation, and a well-crafted business strategy. We are on track to deliver improved margins, and build reach and value in the long term.?

The production business posted operating profit of Rs 1.5 million in the third quarter, up 90.66 per cent from 0.1 million a year earlier. The TV production business grew 7 per cent to Rs 127 million in the third quarter from Rs 118.1 million a year earlier.

On a consolidated basis, RBNL?s net income from operations in the third quarter declined to Rs 687.5 million from Rs 767.5 million a year earlier. Its expenses for the third quarter fell to Rs 851.1 million from 1.06 billion a year earlier.