Network 18 Media & Investments narrows loss to Rs 69.5 cr in Q1 FY18
As per the results, the consolidated loss in the June quarter narrowed to Rs 69.58 crore from Rs 78.9 crore in the same quarter last fiscal
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Network18 Media & Investments Limited and TV18 Broadcast Limited have announced results for the quarter ended 30th June, 2017. As per the results, the consolidated loss in the June quarter narrowed to Rs 69.58 crore from Rs 78.9 crore in the same quarter last fiscal.
EBITDA loss for the quarter narrowed to Rs. 47 crore as against Rs. 74 crore in same quarter of last year. This was driven by 33% and 16% YoY decline in Distribution, Advertising & Business Promotion and Other Expenses, respectively.
During the quarter, the company reported a net loss of Rs. 70 crore as compared to Rs. 79 crore in the corresponding quarter of last year. “Profitability improved incrementally, led by lower losses in TV shopping and a steady ramp-up of the multiple new initiatives undertaken in Q1FY17,” the company said in its filing.
“Network18 posted consolidated revenues of Rs 836 crore (including proportionate share of JVs) in Q1FY18, a 3% YoY growth, as growth in its broadcasting segment was partially offset by continuing weakness in TV shopping business,” it said.
The loss at the operating level also reduced to Rs 46.6 crore in the June quarter of 2017 from Rs 73.8 crore in the year-ago quarter.
Revenue from operations during the quarter declined 8.7% to Rs 321.2 crore compared with Rs 352 crore in the corresponding quarter of last fiscal.
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