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TV18 Q2 net profit up 42 pc at Rs 100.11 million, revenue growth up 55 pc

TV18 Q2 net profit up 42 pc at Rs 100.11 million, revenue growth up 55 pc

Author | exchange4media News Service | Saturday, Oct 29,2005 7:55 AM

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TV18 Q2 net profit up 42 pc at Rs 100.11 million, revenue growth up 55 pc

The TV18 Group, India’s Business and Consumer News Network, continues to post robust growth in all its businesses. CNBC-TV18 maintains its leadership in the English news space, while Awaaz is now India’s largest business channel in viewership terms and has demonstrated strong revenue growth. The TV18 group has posted a revenue growth of 55 per cent in the second quarter. The net profit has risen by 42 per cent at Rs 100.11 million.

Moneycontrol.com and Commoditiescontrol.com, the Group’s Internet businesses, have also posted strong growth on the back of high profit margins. The Group’s general news channel – formerly known as IBN and now co-branded CNN-IBN following a strategic tie-up – is all set for launch by the end of the calendar year.

TV18 has also announced a restructuring plan to meet GOI guidelines for news channels, consolidating all its businesses within the ownership of existing TV18 shareholders.

Following the meeting of the sub-committee of the Board of Directors, Raghav Bahl, Television Eighteen’s Managing Director, said, “This quarter has been good for all our businesses, with every operation posting a strong sequential and year-on-year growth. While our flagship, CNBC-TV18, generated strong cash flows, our Internet businesses have begun contributing significantly to the bottomline. Awaaz is on track to achieve a cash breakeven by next quarter. The financial community for its shareholder friendly consolidation of all values has applauded our restructuring plan for TV18 shareholders. And now, we are excited about the prospects of IBN, which will truly make us the leader in the news space in the country.”

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