Radio One has reported revenues of Rs 11.13 crore in Q1 FY12, a growth of 14 per cent over Rs 9.79 crore in the corresponding quarter of the previous fiscal. The loss before tax in the first quarter of the current year was lower by 79 per cent as compared to the same period last year due to a one off exceptional gain. The loss before tax of Rs 1.17 crore in Q1 FY12 was down from Rs 5.70 crore in the same period last year.
Commenting on the Q1 results, in a prepared statement, Tariq Ansari, CMD, Next Mediaworks, said, “The first quarter of the year has been a challenging one for the radio industry, but I am happy to see that we have been able to grow our top line by 14 per cent over the first quarter of last year. As we approach Phase III of the FM licensing regime, Radio One is improving by leaps and bounds and our operating teams are finding innovative ways to stay ahead of the market in listenership and revenue development. Promoters will shortly infuse more funding into Next Mediaworks in order to strengthen our balance sheet and prepare for the next round of auctions. This is an exciting time for the radio industry and Radio One will be at the front of these developments.”
Vineet Singh Hukmani, Managing Director, Radio One Ltd, added here, “It was an exciting quarter where we have seen good growth in listenership in IRS and RAM in all our markets. Sensing the slight revenue slow down in Mumbai and Delhi we have been able to secure regional and local revenues as planned. We have pioneered a new revenue stream in the music concert space with seven concerts already under our belt in our various cities. With the lucrative metros already with us, breakeven within our grasp, we are looking to expand wisely into more metro towns in Phase III with our low cost model.”
Meanwhile, Next Mediaworks Ltd has recently roped in Manish Thukral as the Chief Financial Officer of the company.
Radio One Ltd is a joint venture between Next MediaWorks and BBC Worldwide and runs FM stations under the brand 94.3 Radio One in seven cities – Delhi, Mumbai, Chennai, Kolkata, Bangalore, Ahmedabad and Pune.