Network18 Q4 net loss widens to Rs 33.31 crore

Total expenses declined 2.87% to Rs 411.66 crore in the third quarter

Media firm Network18 Media and Investments Ltd on Wednesday reported a widening of its consolidated net loss at Rs 33.31 crore for the fourth quarter ended March 31, 2017.

The company had posted a net loss of Rs 24.98 crore in the January-March quarter of the previous fiscal, the media firm said in a regulatory filing.

Total consolidated income from operations during the quarter under review was at Rs 434.50 crore, down 4.41 per cent, as against Rs 454.59 crore in the corresponding quarter of the last fiscal.

Total expenses declined 2.87 per cent to Rs 411.66 crore in the third quarter as against Rs 423.84 crore in the year ago period.

Network18 Chairman Adil Zainulbhai said: "The digital space in India continues to become more and more vibrant, as bottlenecks around connectivity and cost reduce substantially".

"We see the emergence of new formats and services, and rapidly-evolving business models and aim to be at the forefront of this change," he added.

For the entire fiscal ended March 2017, Network18 Media reported a consolidated loss of Rs 233.43 crore. It had reported a loss of Rs 25.41 crore in the previous fiscal.

Total consolidated income from operation for the year under review was down 4.92 per cent to Rs 1,545.76 crore from Rs 1,625.89 crore in the financial year 2015-16.

Shares of Network18 were trading at Rs 40.50 on BSE in afternoon trade, up 0.50 per cent from previous close.