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WWIL reports loss of Rs 159 million in third quarter

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WWIL reports loss of Rs 159 million in third quarter

Wire and Wireless (India) Ltd (WWIL) has reported a net loss of Rs 159 million in the quarter ended December 31, 2006. The consolidated revenues stood at Rs 513 million for the third quarter, while for the nine-month period the consolidated revenues stood at Rs 1.5 billion.

This is the first year of operations for WWIL and also the first results since the Zee de-merger and hence, previous period figures are not available.

Subhash Chandra, Chairman, Zee Group, said, “WWIL has just begun its rollout of digital cable services in the three metros of Mumbai, Delhi and Kolkata, and it is encouraging to learn that we have been able to capture almost half of the market in these areas. Our analogue cable business continues to lead industry in connecting millions of television homes. The business initiatives of WWIL towards digitisation of cable homes and upgrading of cable infrastructure would become visible in the performance from FY08 onwards.”

WWIL has reportedly deployed 200,000 digital set-top boxes in the three metros of Delhi, Mumbai and Kolkata. The company claims to have demand for the set-top boxes not only from CAS notified areas, but also from other areas of Mumbai, Kolkata and Delhi.

Chandra further said, “CAS has been successfully implemented in the notified areas of Mumbai, Delhi and Kolkata. With more subscribers opting for digital services even in other parts of the country, it will give a big boost to our subscription revenues in the near future. We expect cable and satellite TV homes to cross the 100-million mark by 2011.”

For the record, WWIL has taken over the cable business undertaking of Zee Telefilms Ltd and its wholly-owned subsidiary Siticable Network Ltd, which includes its subsidiary companies with effect from March 31, 2006.

Commenting on the restructuring exercise, Chandra said, “The restructuring exercise of WWIL is now complete. WWIL is ready to exploit the vast emerging opportunities and will deliver long term shareholder value.”

The Board of Directors in its meeting held today, has taken on record the unaudited consolidated financial results of WWIL and its subsidiaries for the quarter ended December 31, 2006.

Jagjit Singh Kohli, MD, WWIL, said, “We are delighted with our rollout in CAS notified area. There is more than expected demand for set top boxes in Mumbai, Delhi and Kolkata. We expect that the industry will need at least 6 million set-top boxes for complete rollout in these three metros. Demand for digital signals is equally strong in other cities, not notified under CAS. We see cable providing lot more value added services through digital mode. WWIL is heading towards its goal at an accelerated pace.”


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