Radio One Ltd, a joint venture between Next Media Works Ltd and BBC Worldwide, has reported an EBIDTA profit of Rs 4.05 crore against a loss of Rs 1.74 crore last year. The radio venture has also reported a 46 per cent topline growth at Rs 44.13 crore, as against Rs 30.31 crore last year.
Commenting on the financial performance, Tariq Ansari, CMD, Next Media works, said, “I am extremely pleased with the performance of Radio One in this year. We continue our spectacular growth in revenue numbers and hope to meet cash breakeven in the next fiscal. The promoters have decided to make an infusion of funds to strengthen the balance sheet on the basis of this performance and we will now build the radio business of the future with a stronger financial base.”
Vineet Singh Hukmani, Managing Director, Radio One Ltd, said, “We have met our target of being EBIDTA positive this year. Our investors are showing a renewed confidence. Our critical destination is PBT positive for next year and we are geared up for the challenges that lie ahead. Phase III is only an opportunity if the Government does its homework and makes it lucrative as regards return on capital. Extension of license to 15 years is the only solution for this. The royalty situation needs to be brought to fair global norms so that costs can further be brought under control.”