Network 18 Media and Investments' Q1 net loss at Rs.23 crore

Network 18 Media and Investments on Wednesday reported a net loss of Rs.22.68 crore for the quarter ended June 30, 2015.

The company's net loss declined by 96.44 percent in the quarter under review from a net loss of Rs.637.96 crore for the period ended June 30, 2014.

The company's total income decreased by 32.57 percent to Rs.16.25 crore for the quarter ended June 30, 2015, from Rs.24.10 crore for the like period of 2014-15.

"During the quarter, entire stake in Stargaze Entertainment, a subsidiary of the company, was sold and profit of Rs.4,329.26 lakh on such sale is included in other income," the company said in the quarterly results.

The company further reported a consolidated net loss of Rs.1.14 crore for the quarter under review. The firm's consolidated net loss during the corresponding period of 2014-15 stood at Rs.1,021.87 crore.

The consolidated total income declined by 14.50 percent to Rs.720.39 crore from Rs.842.57 crore during the like period of 2014-15.

The company's scrip at the Bombay Stock Exchange (BSE) fell by 3.56 percent or 2.05 points at Rs.55.60 from Rs.57.65 per equity share.