IBN18 Q2 net loss at Rs 107.94 million

MUMBAI : IBN18 (erstwhile Global Broadcast News) has posted a stand alone net loss of Rs 107.94 million in the quarter ended 30 September 2008, as against a loss of Rs 63.60 million in the same quarter of last year.

The scheme of arrangement between BK Fincap, Jagran TV (JTV) and the company for acquisition of IBN 7 business from JTV and merger of BK Fincap into the company with effect 1 and 2 October 2007 respectively has been approved by the Delhi High Court and Allahabad High Court during the quarter.

Consequently the net loss of Rs 67.8 million and Rs Nil (as per management accounts) on behalf of JTV and BK Fincap respectively for the second quarter FY 09 and net loss of Rs 155.1 million and Rs nil on behalf of JTV and BK Fincap respectively will be merged with the IBN18 Broadcast.

IBN Lokmat has incurred a loss of Rs 96.4 million. The company's share of loss based upon its holding in IBN Lokmat is Rs 48.2 million for the second quarter. Having regard to the long term investment and strategic involvement, no provision is considered necessary for diminution in the value of investment.

During the quarter, the company's revenue stood at Rs 304.65 million as compared to Rs 259.96 million in the year ago period.

IBN18's expenditure has jumped to Rs 386.2 million in the second quarter of FY 09 as against Rs 301.9 million in the corresponding quarter of last fiscal. It has spent Rs 90.15 million on marketing, distribution and promotional expenses.

On a consolidated basis, the company's net loss stands at Rs 189.4 million on revenue of Rs 307.68 million for the second quarter of the current fiscal.

Consolidated expenses for the company is Rs 434 million.

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