TV18 Broadcast posts Q3 net loss at Rs 53.5 cr

TV18 Broadcast Ltd today posted consolidated net loss at Rs 53.5 core for the third quarter ended December 31, 2011 primarily due to expenditure on new launches.

The company's consolidated net profit for the three months ended December 31, 2010 stood at Rs 19.8 crore, it said in a statement.

TV18 Broadcast Ltd's revenues increased to Rs 342.8 crore during the third quarter of current fiscal. The same was at Rs 236.2 crore in year-ago period.

The profitability of the company took a hit during the quarter under review due to Rs 39 crore of one-time expense incurred in relation to the deferment of a Hindi movie channel by Viacom18, it said.

Another expense of Rs 20 crore was incurred with respect to launch costs of new channels -- Sonic, Comedy Central and Colors HD, the company said.

In addition, the company has taken write-offs at TIFC (The Indian Film Company) of Rs 14.6 crore.

During the quarter, the company also incurred launch costs and operating losses aggregating to around Rs 25 core towards new channel History TV18, the statement added.

TV18's consolidated numbers include 100% standalone and AETN18, 50% share of Viacom18 and 50% share of IBN Lokmat.

The company's scrips closed at Rs 31.30 per share, down 2.03% on the BSE.