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Business News/ Companies / Company-results/  Network18 posts consolidated net loss of Rs1,021.9 crore
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Network18 posts consolidated net loss of Rs1,021.9 crore

The company had posted a profit of Rs18.9 crore in the year-ago period

Revenue rose 27% to `708.4 crore in the three months ended 30 June from `556.6 crore a year earlier. Photo: Pradeep Gaur/MintPremium
Revenue rose 27% to `708.4 crore in the three months ended 30 June from `556.6 crore a year earlier. Photo: Pradeep Gaur/Mint

New Delhi: Network18 Media and Investments Ltd, the media company acquired in May by Mukesh Ambani’s Reliance Industries Ltd (RIL), on Tuesday reported a consolidated net loss of 1,021.9 crore for the quarter ended 30 June on account of one-time expenses.

The company, which has business interests in television, movies and online retailing, among other media properties, had posted a profit of 18.9 crore in the year-ago period.

Revenue rose 27% to 708.4 crore in the three months ended 30 June from 556.6 crore a year earlier.

One-time expenses accounted for 1,045.3 crore in the latest June quarter. These included a 208.1 crore writedown on investments made, write-offs on loans and receivables worth 398.8 crore and 7.6 crore paid as severance pay and consulting charges.

“The overall consolidated numbers are lower than our expectations, likely due to the entertainment operations or non-news operations having under-performed," said an analyst with a local brokerage who declined to be identified.

Revenue from its subsidiaries TV18 Broadcast Ltd, which operates news channels CNN-IBN and CNBC TV18, and Viacom18 Media Pvt. Ltd, an equal joint venture with Viacom Inc., rose 33% to 527.7 crore.

For the June quarter, TV18 Broadcast’s net loss (including entertainment) was 154.5 crore compared with a profit of 5.9 crore in the year-ago period.

CNN-IBN, the general news channel, sustained its viewership with a 26% market share in the genre, the company said. In the entertainment segment, Colors remained the leader during the weekends with a 27% market share.

The company’s digital operations, including ibnlive.com, moneycontrol.com and firstpost.com among others, cumulatively reached a monthly average of 28 million unique vistors in the June quarter. Its film ticketing website bookmyshow.com posted a 30% increase in tickets sold every month to 3.78 million from a year ago.

On 29 May, RIL announced that it was taking complete control of Network 18 Media and Investments including its subsidiary TV18 Broadcast at a cost of 4,000 crore.

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Published: 13 Aug 2014, 12:57 AM IST
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