Network18 Q2 loss narrows to Rs 14.8 crore

Firm had incurred a loss of Rs 16.9 crore in the year ago quarter

Netowrk18 Media and Investments Ltd, owned by Independent Media Trust, the sole beneficiary of which is Mukesh Ambani’s Reliance Industries Limited, has reduced net loss in Q2 FY15 to Rs 14.8 crore from Rs 16.9 crore last year.

The network’s total revneue for thequarter ended 30 September stood at Rs 744.8 crore, up 11.2 per centfrom Rs 669.8 crore in Q2 FY14.

TV18, the entertainment subsidiary ofthe company which runs channels like Colors, MTV, VH1 andNickeoldean, posted profit of Rs 46.6 crore, up from Q2 FY14’s Rs 12.1 crore on the back on increased revenues and reduced finance cost. The company's revenue for the period was Rs 553.7 crore as compared to Rs 483.2 crore last year.

While the entertainment arm saw boost in profit, the losses of the news business have resulted in overall losses for Network18.