Radio One Ltd has reported a 10 per cent increase in its H1 FY12 revenues at Rs 23.16 crore as compared to Rs 21.10 crore in the corresponding period last fiscal.
Meanwhile, the radio player narrowed its H1 loss to 44 per cent – from Rs 11.27 crore in H1 FY11 to Rs 6.35 crore in H1 FY12. The company seeded a new revenue stream in the music concert space, which contributed promisingly to the total revenues in H1. The industry grew 7 per cent in the markets that Radio One operates.
Vineet Singh Hukmani, MD, Radio One Ltd, remarked, “The company sees Phase III as an opportunity to improve its business efficiency in the metros, using networking that lowers cost and the news and current affairs space that offers higher revenue opportunity. New metro cities are being evaluated for their revenue to cost ratio and the company is in the final stages of deciding which cities it would consider bidding for.”
Tariq Ansari, Chairman, Next Mediaworks Ltd, added here, “Key shareholders, in a show of confidence, are converting a considerable part of debt to equity to reduce over gearing and are exploring new investor interest due to the strategic value that the company has as it holds only lucrative metro licenses critical for any player entering the radio business. Next Mediaworks Ltd is also incubating a digital business as a future strategic initiative that helps us take advantage of the global 3G and 4G space.”
Radio One operates in seven markets in India – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Pune and Ahmedabad.