Network 18 Media Q2 net loss widens

Network 18 Media Q2 net loss widens

Mumbai: Network18 Media and Investments Ltd said on Friday that its consolidated net loss for the quarter ended 30 September, 2011 has widened to 70.26 crore burdened by higher production, distribution and staff costs.

Network18 Media and Investments’ consolidated sales for the three months ended 30 September, 2011 increased 19.88% at 425.35 crore as against 354.79 crore during the corresponding quarter of last financial year.

During the period under review, the company’s production, distribution and administration expenses increased to 353.72 crore as against 256.16 crore in the year ago period.

Staff costs also rose substantially to 111.80 crore during the quarter as against 83.73 crore in the same period last fiscal, it said.

The company’s TV18 business (that includes news and entertainment verticals) reported revenues of 302 crore for the quarter, a growth of 17% over the corresponding quarter last year.