RBNL reports Rs 24 cr net loss for period ending March

Reliance Broadcast Network Ltd (RBNL) today reported consolidated net loss of Rs 24.24 crore for the six months ended March 31, 2011.

The board of directors of the company has decided to close its books of accounts on March 31, 2011, and accordingly to restrict the current financial year, which commenced on October 1, 2010, to a period of six months ending March 31,2011, RBNL said in a filing to the Bombay Stock Exchange.

RBNL's consolidated net sales for the six months ended March 31, 2011 stood at Rs 133.63 crore.

For the year ended September 30, 2010, the company's net loss was Rs 29.43 crore, while net sales were at Rs 106.52 crore, it added.

Pursuant to the shareholders' approval in the EGM, held in September last year, the company had alloted over 1.29 crore equity shares to various investors in order to raise Rs 283.26 crore.

The funds raised were utilised by the company to repay debt and interest, to make investments in subsidiaries and acquisition, it said.