Television Eighteen Ltd. yesterday announced a net profit of Rs 19.5 lakh for the quarter ended December 31, 2001 against a loss of Rs 1.48 crore in the previous quarter. The company recorded a 20 per cent growth in its total revenue, which rose from 6.5 crore in second quarter of the current financial year to Rs 7.7 crore in third quarter, the company has informed the Bombay Stock Exchange. TV18 shares closed at Rs 97.05, down Rs 0.60 on the Bombay Stock Exchange.
The company’s third quarter gross profit figure stood at Rs 67.4 lakh, which includes tax provision of Rs 7 lakh and Rs 40.8 lakh as extraordinary charges.
According to industry sources, the company would be focussing on expanding to other major business news centres in the country while keeping costs in check. Television Eighteen is looking for stringers on retainership basis to expand into cities like Ahmedabad, Chandigarh and Jaipur, where it does not have full-fledged bureaus at present.
The company’s entertainment division is now left with about five permanent employees and functions on a need-based approach, taking in people for specific projects from time to time.