Network 18 Media & Investments Q2 net loss at Rs 66.5 crore

India Infoline News Service | Mumbai | October 15, 2016 13:10 IST

The consolidated Revenue (including proportionate share of Joint Ventures considered for segment reports) for the quarter ended 30th September 2016 stood at Rs 847.4 crore vs Rs 799.4 crore in the corresponding quarter last year.

Network18 Media & Investments Limited announced its results for the quarter ended 30th September, 2016.

The consolidated Revenue (including proportionate share of Joint Ventures considered for segment reports) for the quarter ended 30th September 2016 stood at Rs 847.4 crore vs Rs 799.4 crore in the corresponding quarter last year. This represents a growth of 8% after factoring in the change in status of Prism TV Private Limited (Regional entertainment channels). Prism TV was consolidated as a subsidiary till 31st July 2015 and became a Joint Venture effective 1st August 2015. The FY17 half yearly consolidated revenue stood at Rs. 1,667.7 crore, up from Rs. 1591.1 crore.

During the quarter the group remained in investment mode to position it well for the future. The Information and Entertainment bouquet was revamped with new launches, talent pool beefed up and accent was placed on creating/curating high quality content for both TV and Digital media. Segment Loss before Interest and Tax on a consolidated basis including the performance of Joint ventures stood at Rs. 62.4 crore for the quarter vs. segment profit of Rs. 10.9 crore in Q2 FY16. Excluding the impact of new initiatives and one-time expense, the Segment profit for the quarter is Rs.10.7 crore.

The consolidated Revenue as per Ind AS (accounting the JVs under Equity method) for the quarter ended 30th September 2016 stood at Rs. 378.7 crore as compared to Rs. 366.8 crore in the corresponding quarter last year. After factoring in the change in status of Prism TV from subsidiary to Joint Venture from 1st August 2015, on a like for like basis, the growth in revenue is 13%. Operating loss on a consolidated basis under Ind AS was Rs. 61.5 crore, as against Rs. 24.4 crore in the quarter ended 30th September 2015.

Mr.Adil Zainulbhai, Chairman, stated” This is a very exciting time for digital businesses – the opportunity is enormous and we want to make sure that we are well positioned for exponential growth in digital”.

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