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Network18 Media Q2 loss at Rs 68 cr

Network18 Media Q2 loss at Rs 68 cr
Highlights

Network18 Media Investments on Monday reported a consolidated net loss of Rs 6787 crore for the second quarter ended September 30, 2018

New Delhi: Network18 Media & Investments on Monday reported a consolidated net loss of Rs 67.87 crore for the second quarter ended September 30, 2018.

It had reported a net loss of Rs 70.70 crore in July-September quarter a year ago, Network18 said. Total consolidated income from operations during the reported quarter stood at Rs 1,200.34 crore. It was Rs 331.40 crore in the same period last fiscal. The company said results are not comparable consequent to Viacom18 Media and IndiaCast Media Distribution becoming subsidiaries with effect from March 1, 2018.

"Consequent to Viacom18 Media and IndiaCast Media Distribution becoming subsidiaries with effect from March 2018, and TV18 Home Shopping Network and NW18 HSN Holdings Pic ceasing to be subsidiaries and becoming associates... the figures for the current quarter and half year are not comparable with those of the corresponding periods," the company said.

Its total expenses during the quarter was Rs 1,227.38 crore. Commenting on the results, Network18 Chairman Adil Zainulbhai said: "Our regional properties across news and entertainment have shown significant improvements in viewership and monetisation, cementing our belief that vernacular content will be a key growth driver".

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