Network18 Media & Investments Ltd has reported a consolidated net loss of Rs 44 crore in Q3 as against a profit of Rs 19.4 crore in Q3 FY08. The company has also suffered a loss of Rs 36.6 crore in its Q3 operating profits as against a profit of Rs 66.8 crore in the corresponding quarter of FY08.
Following the meeting of the Board of Directors, Raghav Bahl, Managing Director, Network18, said, “The October-December quarter saw the benefits of Network18’s ‘diversified media’ strategy come into bold relief. Our entertainment operations, especially Colors and the filmed entertainment business, saw a spectacular growth, bucking any trends of slowdown. Homeshop18 also posted a robust increase across operating parameters.”
He, however, admitted, “Our general and business news channels were hit by a declining revenue environment, which has hopefully bottomed out.”
The business news channels reported weak operating performance with revenues down by as much as 23.95 per cent QoQ. Operating margins also dropped to 23.66 per cent. Q4 is likely to be weak, since full presentation of the Union Budget will take place after the General elections.