TV Today Q1 operating profit from news biz shrinks 9.8%

MUMBAI: TV Today Network‘s first quarter operating profit from the television news business has shrunk 9.81 per cent due to a slowing growth in revenue and a surge in staff expense, while the radio segment has reported a 60 per cent jump in turnover.

The company, which runs news channels that include Aaj Tak and Headlines Today, has posted an operating profit of Rs 44.24 million from the TV broadcasting business, down from Rs 49.05 million a year ago.

Revenue from this segment grew 7.5 per cent to Rs 689.80 million for the first three months ended June 2011, compared with Rs 641.39 million in the earlier year.
  Overall, TV Today Network has reported a net loss of Rs 2.82 million during the first quarter of the fiscal, dragged down by its losses from the FM radio business. In the same quarter last year, the company had earned a net profit of Rs 203.92 million.

For the first time, however, it is not just the losses in the radio business that has affected the bottom line of the company but also a 27.32 per cent increase in the employee cost.

TV Today Network’s expenses surged to Rs 713.34 million, compared to Rs 454.35 million a year ago. The spend on staff salary was Rs 246.8 million, up from Rs 193.84 million. The company said that the year-ago period does not include the value of increments for the period given subsequently.

TV Today’s income from operations stood at Rs 703.70 million, 8.25 per cent up from Rs 650.08 million in the corresponding quarter of the previous fiscal.

The radio business posted an operating loss of Rs 47.71 million on an income of Rs 13.90 million. In the earlier year, operating loss stood at Rs 43.32 million on an income of Rs 8.69 million.

TV Today shares fell 0.55 per cent to close Friday at Rs 63.40 on the BSE.

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