Televisionpoint.com Correspondent | Mumbai TV18 India has announced its results for the quarter ended September 30, 2008. The company has posted a consolidated net loss of Rs 24.55 crore, after ESOP charge out, as against a profit of Rs 4.96 crore in the same period a year ago.
During the quarter, the company's income has increased from Rs 130 crore, as compared to Rs 88.29 crore in the corresponding quarter last fiscal. The company has taken control of the board of directors of Infomedia18 on August 21 and consequently the results of Infomedia18 have been consolidated for the period from August 21 to September 30.
Raghav Bahl, managing director, TV18 India, 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 said.
Net profit, after Esop charge out, from news operations of the company has slipped to Rs 7.6 crore in the second quarter of this fiscal, from Rs 15.69 crore in the prior year quarter. Revenue from news operations has seen a downfall to Rs 80.82 crore, from Rs 73.50 crore in the year ago period.
Newswire18's net loss stood at Rs 4.02 crore in the second quarter. Revenue from Newswire18 has seen a growth of 107 per cent to stand at Rs 5.12 crore, from Rs 2.46 crore in the year ago period. Infomedia's net loss stood at Rs 0.11 crore, while revenue earned from operations is Rs 29.04 crore.
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