TV18 reports loss from news biz for 2nd successive quarter

MUMBAI: TV18 Broadcast Ltd‘s news business reported net loss for the second straight quarter in the year ended 30 September on a sharp rise in interest cost.

The Network18 subsidiary’s net loss from news business was Rs 252 million in the second quarter and Rs 78 million in the first quarter of this year. In the second quarter of previous year, TV18 had a net profit of Rs 78 million and in the whole of 2011-12, its net profit was Rs 92 million.

Its interest cost more than doubled to Rs 365 million in the second quarter from Rs 178 million a year earlier.

The news segment’s operating revenue and operating expenses were both down by 14 per cent in the second quarter compared with a year earlier. Its operating revenue was down to Rs 1.09 billion from Rs 1.27 billion a year earlier, while operating expenses fell to Rs 952 million from Rs 1.10 billion a year earlier.

TV18 standalone’s operating profit fell 13.50 per cent to Rs 147 million in the second quarter from Rs 170 million a year earlier.

Revenues from business news as well as general news businesses were down in the second quarter. Revenues from business news were down 16 per cent to Rs 519 million in the second quarter from Rs 619 million a year earlier and from general news down 11.71 per cent to Rs 603 million from Rs 683 million a year earlier.

TV18 business news’ operating profit in the second quarter was flat at Rs 169 million against Rs 163 million a year earlier. Its general news division’s operating loss widened in the second quarter to Rs 33 million from Rs 7 million a year earlier. In the first quarter of this year, general news segment had reported an operating profit of Rs 22 million.

TV18 Broadcast results include financials of news channels CNBC TV18, CNBC Awaaz, CNN IBN and IBN7.

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