Mumbai: Media and entertainment company Network18 Media and Investments Ltd posted a net loss of 22.6 crore in the quarter ended September compared with a 70.3 crore net loss in the year earlier.

Revenue rose 37% to 534 crore from 390.3 crore. The television and motion picture business under the TV18 Broadcast Ltd unit saw profit rising to 28.2 from 24.3 crore and revenue to 365.1 crore from 267 crore.

“Our broadcast business across news and entertainment has turned in a steady performance in spite of continued softness in the advertising environment," group chief executive officer B. Saikumar said in a statement. “Notably, our distribution venture, IndiaCast has had a very encouraging start and this positions us well as digitization gets under way."

Network18’s digital content arm and its e-commerce business grew 72% to a total of 98.2 crore.

“The other highlights of the quarter were continued growth in our digital content and commerce operations and the motion pictures business breaking into positive territory," Saikumar said. “Going forward, we are focused on maintaining strong operational performance, in spite of risks on the advertising front."

During the quarter, the company raised money through twin rights offers by Network18 and unit TV18.

“The Network18 group is now entering a new phase in its journey with a formidable broadcast offering (post the consummation of our proposed strategic stake acquisition in ETV), our new distribution venture—Indiacast, and a strong portfolio of digital properties in addition to a recast balance sheet," Raghav Bahl, managing director, said in the statement.

Network18 rose 2.73% to 35.70 on Thursday on BSE Ltd while TV18 lost 0.71% to 28.05. The benchmark Sensex gained 0.3% to 18,561.70 points.