Network18 net loss widens to Rs 91 cr

Media conglomerate Network18 on Saturday posted a net loss of Rs 91.3 crore for the quarter ended June. The company had posted a net loss of Rs 64.2 crore in the corresponding period last year.

Consolidated revenue rose 30.4 per to Rs 488.9 crore, compared with Rs 363.4 crore in the year-ago period, while operating expenses rose 35 per cent from Rs 513.5 crore in the corresponding period last year.

“Our subscription revenue for the quarter stood at Rs 53.2 crore, up 35 per cent year-on-year, and in line with our expectations. There is a sequential decline in this number, as the last quarter included a year-end distribution of profits from Sun18 Media Services,” the company said.

“Despite advertising sluggishness, our broadcast businesses, led notably by Colors, our News Network and History TV18, continued to grow. The digital and print publishing businesses have shown a steady performance. We’re focused on maintaining strong operational performance, in spite of uncertain headwinds on the advertising front in the medium term,” said Sai Kumar, chief executive of the group.

The company's subsidiary Viacom18, the largest contributor to revenue, recorded a loss of Rs 24.9 crore. In the year-ago period, it had posted a net profit of Rs 2.6 crore.