New Delhi: Network18 Media and Investments Ltd, which has business interests in television, movies and online retailing, reported a third quarter loss of 11.7 crore.

It had posted a profit of 6.8 crore in the year-earlier quarter and a loss of 39.8 crore in the preceding three months ended 30 September. Revenue rose a tepid 4.3% to 727.6 crore in the three months ended 31 December. Operating profit rose almost sixfold to 61.1 crore from 10.6 crore in the year-ago period.

“During the quarter, our digital operations grew substantially and broadcast operations posted healthy margins, which led to the sharp improvement in our operating profits, aided further by a healthy balance sheet," said Raghav Bahl, managing director, Network18.

Revenue from TV18 Broadcast Ltd, which operates news channels CNN-IBN and CNBC TV18, rose 2.56% to 525.5 crore from a year ago. TV18 Broadcast’s net profit more than doubled to 51.7 crore from 21.3 crore a year ago.

Revenue from digital initiatives, including its websites and online retailer HomeShop18, grew 25% to 149.8 crore. Revenue of Viacom18 rose 18% to 557.6 crore. In the December quarter, Viacom18 released two Hindi films, Boss and What the Fish. “Our news business realized value from operating efficiencies and infotainment operations broke into positive territory. Our entertainment operations led by Colors delivered a healthy performance even as Motion Pictures saw losses in this quarter," said B. Sai Kumar, group chief executive, Network18.

Colors emerged as the No. 2 channel in the quarter in the general entertainment category, with average weekly gross viewership of 464 million people, Network18 said in a statement. Colors was the No.1 channel during weekends with an average market share of 26%. 24, a show based on an American series by the same name and starring Anil Kapoor, attracted 117 million viewers. Reality show Big Boss 7 drew 164 million viewers and achieved the highest-ever season average in viewership. Comedy Nights with Kapil continued its run as the No.1 non-fiction show in the genre.

My Reads Logout