TV18 posts Q1 net profit of Rs 230 mn from news biz

MUMBAI: Post restructuring, the news business of TV18 is continuing to show positive momentum. The company has posted a net profit of Rs 230 million for the quarter ended June, compared with a net loss (performa basis) of Rs 190 million in the year-ago period.

Operating revenue grew 146 per cent to Rs 1.28 billion from Rs 520 million. Expenditure doubled to Rs 1.09 billion, compared with Rs 590 million that the company had incurred in the earlier year.

Post restructuring, TV18 news business consist of CNBC-TV18, CNBC Awaaz and two IBN18 news channels – CNN IBN and IBN7.    
Meanwhile, operating profit of the company stood at Rs 180 million, compared to operating loss of Rs 70 million a year ago.TV18 said that the numbers for the previous year and quarters are for IBN18 standalone before implementation of the ‘Scheme of Arrangement‘ and hence not comparable.

TV18 also reported the business news (CNBC TV18 and CNBC Awaaz) and general news (CNN IBN and IBN7) numbers separately.

In general news, revenue for the fiscal first-quarter stood at Rs 620 million, up from Rs 540 million). The company did not report the operating loss from the segment.

In the business news segment, revenue stood at Rs 680 million (from Rs 640 million), while operating profit stayed flat at Rs 160 million.

TV18 has a net debt of Rs 6.70 billion.

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