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Network18 Q2 operating profit up 119 pc; but reports consolidated loss of Rs 20.6 cr

01-November-2007
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Network18 Q2 operating profit up 119 pc; but reports consolidated loss of Rs 20.6 cr

Network18 has reported a 119 per cent jump in operating profit quarter-on-quarter to Rs 18.4 crore for the quarter ended September 30, 2007. However, Network18 has suffered a consolidated loss of Rs 20.6 crore (after tax and ESOP charge out) for the second quarter as compared to a loss of Rs 11 crore in the previous quarter.

Commenting on the results, Raghav Bahl, MD, Network18, said, “We are thrilled with this quarter’s performance at the Group’s holding company. Our channels are maintaining their leadership positions. The revenues from Internet properties are on an upswing. We are investing aggressively in Web18 as Internet remains a key focus area. Homeshop18 is continuously increasing its bouquet of products and services.”

The results for TV18 (including Web18 and Newswire18) and GBN results were published separately.

TV18 reported a rise of 67 per cent year-on-year in its consolidated revenue at Rs 88.2 crore for the second quarter. Revenue from news operations stood at Rs 73.5 crore, while profit (after tax and ESOPs) stood at Rs 15.6 crore, as against Rs 11.9 crore in the corresponding quarter of the previous fiscal.

Though revenue from the Internet and software operations was up at Rs 12.3 crore from Rs 5.3 crore, TV18 incurred a loss (after tax and minority interest) of Rs 7.7 crore as against a profit of Rs 1.6 crore in the corresponding quarter of the previous fiscal.

Newswire18’s sales trebled QoQ to stand at Rs 2.4 crore, while loss (after tax and minority interest) came down to Rs 2.9 crore, from Rs 4.9 crore.

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