TV18 Q2 net loss at Rs 245.57 million

MUMBAI: TV18 has posted a consolidated net loss of Rs 245.57 million (after ESOP charge out) for the quarter ended 30 September 2008, as against a profit of Rs 49.67 million in the year ago period.

During the quarter, the company's income has increased from Rs 1.30 billion as compared to Rs 882.98 million in the corresponding quarter last fiscal.

The company has taken control of the board of directors of Infomedia18 Limited on 21 August and consequently the results of Infomedia18 Limited have been consolidated for the period from 21 August to 30 September on the basis of the management control.

TV18 MD Raghav Bahl said: "We have managed to grow our business news revenues in a very tough operating environment. That is a splendid testimony to the robust programming, audience loyalty and brand premium built by CNBC-TV18 and CNBC-Awaaz. Although operating margins have dropped from the steady 50 per cent seen during the preceding bull market, we are satisfied by the fact that we have managed to hold around the 40 per cent mark, and have grown both our revenues and operating margins compared to the previous quarter. We hope to maintain the current performance of our business news operations for the rest of the year."

Net profit (after Esop charge out) from news operations of the company, which include CNBC TV18 and CNBC Awaaz, has slipped to Rs 76.06 million in the second quarter of this fiscal, from Rs 156.93 million in the prior year quarter.

Revenue from news operations has seen a downfall to Rs 808.23 million, from Rs 735.05 million in the year ago period.

Newswire18's net loss stood at Rs 40.26 million in the second quarter. Revenue from Newswire18 has seen a growth of 107 per cent to stand at Rs 51.20 million, from Rs 24.69 million in the year ago period. It is planning to distribute terminals in overseas market.

Infomedia's net loss stood at Rs 1.10 million while revenue earned from operations is Rs 290.48 million.

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