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TV18 reports Q2 net loss of Rs 24.55 crore

29-October-2008
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TV18 reports Q2 net loss of Rs 24.55 crore

Television Eighteen (TV18) has reported a consolidated net loss of Rs 24.55 crore (after ESOP charge out) for the second quarter ended September 30, as against a profit of Rs 4.96 crore in the corresponding period last fiscal. During Q2, TV18’s income rose to Rs 130 crore from Rs 88.29 crore in the corresponding quarter last fiscal.

Revenue from news operations fell from Rs 73.50 crore in the year ago period to Rs 80.82 crore in the second quarter.

Following the meeting of Board of Directors, Raghav Bahl, Managing Director, Television Eighteen, said, “We have managed to grow our business news revenues in a very tough operating environment. That is a splendid testimony to the robust programming, audience loyalty and brand premium built by CNBC-TV18 and CNBC-Awaaz. Although operating margins have dropped from the steady 50 per cent seen during the preceding bull market, we are satisfied by the fact that we have managed to hold around the 40-per cent mark, and have grown both our revenues and operating margins compared to the previous quarter. We hope to maintain the current performance of our business news operations for the rest of the year.”

Bahl added, “However, what is heartening in the current challenging environment is clearly the spectacular debut of in.com. This horizontal, general interest portal is propelling Web18 to the leadership position in India’s fast-growing Internet market. In.com and other Web18 portals (Moneycontrol.com, IBNLive.com, BookMyShow.com, Commoditiescontrol.com, Josh18.com and CricketNext.com, among others) are creating a huge amount of shareholder value, which should get unlocked soon.”

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