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Network18 loss widens; HT Media net grows 10%; PVR profit falls

Network18 loss widens; HT Media net grows 10%; PVR profit falls
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First Published: Fri, Aug 01 2008. 12 08 AM IST
Updated: Fri, Aug 01 2008. 12 08 AM IST
New Delhi: Network18 Media and Investments Ltd, the holding company of the diversified media group with interests in broadcast, print, Internet and films, said its net loss for the three months ended 30 June widened 144% year-on-year to Rs25.98 crore on the back of investments in new channels and Internet properties that are housed under listed and unlisted subsidiaries.
Television Eighteen India Ltd and IBN18 Broadcast Ltd are the company’s listed units.
Network18’s revenue grew 43.47% to Rs138.6 crore. On a stand-alone basis, it made a net profit of Rs4.6 crore compared with a loss of Rs6.5 crore in the year-ago period.
In a statement, the company said it had Rs950 crore of cash on its consolidated balance sheet and would use this to fund expansion across entertainment, films, general news, business news, Internet and print properties. The company also said that its homeshopping division, Homeshop18, has closed its second round of funding, in which it raised $21 million (Rs89.25 crore).
“Our investments in Web portals are resulting in a strong traffic and revenue traction,” managing director Raghav Bahl said in the statement. On Thursday, shares of Network18 rose 2.58% to close at Rs177.15 each on the Bombay Stock Exchange whose benchmark index rose 0.5%.
HT Media Ltd
HT Media Ltd, the publisher of newspapers such as the Hindustan Times, Hindustan and Mint, said net profit for the quarter ended 30 June rose 10% from a year ago to Rs37.72 crore on strong growth in ad revenues helped by increased ad rates.
Ad revenue grew 19% during the quarter. Total income grew 17% year-on-year to Rs332.89 crore, while expenditure grew 19% to Rs271.27 crore.
“I am pleased to report strong financial performance despite the challenges of continuing high newsprint prices and our investments towards brand building and expanding our presence especially in the Hindi speaking geographies,” Shobhana Bhartia, vice-chairperson, HT Media, said in a statement.
PVR Ltd
Multiplex operator PVR Ltd said net profit for the quarter ended 30 June fell 35% from a year ago to Rs3.88 crore on lower occupancy as lack of hit films and the popular Indian Premier League kept audiences away from cinema halls.
Total income grew 10.6% to Rs62.59 crore, while expenditure rose 18.75% to Rs54.84 crore. During the quarter, occupancy rates dropped 10 percentage points to 32% from the year-ago period.
“The content lineup for the forthcoming quarters looks exciting for the exhibition industry,” chairman and managing director Ajay Bijli said in a statement.
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First Published: Fri, Aug 01 2008. 12 08 AM IST