Network18 reports Q3 net profit of Rs12.7 crore
New Delhi: Media company Network18 Media and Investments Ltd, controlled by Reliance Industries Ltd, reported a net profit of Rs12.7 crore in the quarter to 31 December, benefiting from a revival in the broadcasting business and cost controls in the TV shopping business.
The company posted a net loss of Rs81.1 crore in the same period a year ago. Revenue rose 24.2% to Rs439.2 crore from Rs353.4 crore.
Revenue from Network18 subsidiary TV18 Broadcast Ltd, the company’s television and motion pictures business that also operates news channels CNN-News18 and CNBC TV18, rose 8.8% to Rs277.3 crore from Rs254.7 crore.
TV18 posted a net profit of Rs16 crore in the quarter, a decline of 18% from Rs19.6 crore in the year-ago period. TV18’s overall share of news viewership averaged 9.2% for the quarter. Network18’s digital revenue, mainly MoneyControl, News18.com and Firstpost grew 14% to Rs36 crore .
“We have made a lot of progress in strengthening our digital properties, and growing our position in TV in news and entertainment. We will continue to invest across broadcasting and digital,” said Adil Zainulbhai, chairman of Network18.
Flagship general entertainment channel, Colors maintained the top rank in urban Hindi speaking markets, the category which drives monetization. Streaming service VOOT viewership continues to grow, downloads have risen to approximately 56 million, and average daily viewership rose to over 40 minutes.
In English entertainment, Viacom18 which operates channels like Comedy Central and VH1 have a 55% viewership share.
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